How Much Home You Can ACTUALLY Afford (By Salary)

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[AllDay]

Never in my life did I think I'd make damn near 100K a year and still feel broke

[tunykun]

Doing any of these calculations in California with my 90k salary makes me want to cry. The cheapest houses around me are like 450k. A 450k house near where I live is always going to be a small house in a bad neighborhood where you have to put up with "fireworks" going off outside or people re-enacting Tokyo Drift at least once a week.

[josephsouthwell]

“20% down” is not possible for 70% of America.

[bigbangbobby]

I love when people with a bunch of investment properties tell us how awesome renting is . While they buy up all the starter homes as investments and keep prices high . 😂😂😩

[kittenwithagun]

*cries in $40, 000 a year salary in an area that doesn't rent a 1 bedroom for under $1, 200 a month*

[Crypticdogma]

It's not just about calling myself a homeowner. It's about the freedom to do with it what I want.

[Riggsnic_co]

The issue is that either the renter or the owner must in some way pay insurance and property taxes if they want a "permanent roof" with utilities like electricity, gas and water. Because of this, many people—at least in California, where I currently reside—are living in tents. No taxes, rent, mortgages, or insurance. The number of people who tell me they live in their car that I meet amazes me. Its crazy out here!

[CuddlyJon]

My problem is that the inventory is horrendous. I've saved 140k, been preapproved, and people want 700k for a 1960s home with disgusting carpets, water damage and literally a HOLE in the roof of a illegal addition to the house. OH, and all the windows have steel bars to deter thieves, bars that are illegal now due to new laws stating it's a safety hazard during fires.

[davidporter]

When you are RENTING, the payment isn't just the payment. Rent is jumping from 1200 to 1800. Mortgage payment remains the same if your rates are set.

[LiveURlifeeD]

So what I learned was…I’m never moving out.

[nicolasbenson]

Distinguishing between money management and wealth accumulation is crucial, and the absence of investment education within educational systems could be a factor contributing to individuals' difficulties in sustaining their financial growth. The instances you shared hold relevance, and I, personally, found value in the market crisis, as I am inclined to embrace challenging periods while some may shy away. Interestingly, my advisor shares a similar outlook, albeit in a lighthearted manner.

[jackplayz]

Did anyone else catch him say, “What’s up Graham, it’s guys here, ” love the video, super insightful, keep it up!

[squanchy]

Owning your house is more than just being able to say you’re a home owner, it also means to some degree locking in your housing costs, other than taxes of course. That security also provides a large value …

[BirdFinder]

I don’t understand why the word gross is used at all when it comes to these types of purchases. That’s not your take home. It only makes sense to use your net.

[philsidock]

Over the past few months, I've met up with people my age who I've lost with over the years. The two top-of-mind issues for these 25 to 30-year-olds are skyrocketing inflation and the impossibility of owning a home.

Being a Canadian, we have even more restrictions on getting mortgages, and with the ideal ratio that Graham outlined here, I understand why many people are struggling.

[povertyiscreated]

So basically it's impossible to buy a home as a single person. Median individual income is around $40, 000/yr

[foodserviceeducation]

These numbers are great for those who have advance degrees or multiply income. Being a single guy and parent makes it really difficult int today's market to afford 20% rent. 0.587% is what my current marketplace rent is costing me of my salary. I live in Florida. Rent is crazy. All these expenses are going up, but salaries aren't, making it incredibly difficult without a second job or passive income to get ahead these days. That's just the truth.

[daniellerussomanno]

I bought my first house during the pandemic. It seemingly fell into my lap, sellers accepted my offer before it was listed. That’s the only way I was able to get a 3 bedroom home for $186 at 2.8 (if I recall correctly). I’m never moving 😂

[softaco]

Just renovated my master bath myself for about 2k. I'm lucky my mortgage is only 25% of my monthly net and was able to do everything out of monthly checking. Also, lucky for Youtube for showing me how to remove/replace subfloor, basic plumbing, tiling and baseboard work. Would have been a 10k job if hired out.

[tannerted]

I love these kinds of highly-practical videos from you, Graham.