How Do People ACTUALLY AFFORD ANY OF THIS?

One of the burning questions I always see in the comments when I walk by these expensive homes is how do people have all this money? Who is buying these 3-4 million dollar houses? Today we are going to find out with @ScottWalters

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[dickjones]

When I turned 18 dad patted me on the back and told me I was on my own, must be nice to have family help.

[Jenesis]

I know a family that lives in Santa Barbara. It started from grandparents buying a property with good size land. The only child took over the house, expanded it. Grandkids and great grandkids are also living in the house. If they sell, they can get a lot of money but they can never buy the same house in the similar area.

[boondoggle]

This has to be the easiest video Michael’s ever done. You can ask Scott a question and just move out of the way and let him go, lol.

[consumerdebtchitchat]

I live in Tampa. 56 y/o. 60k Gross. 17 years teaching in the district, with double master's.. No kids. credit score around 770. Was told I did not qualify to move into my old apartment which is 675 square ft. The reason is that the rent went from one 1k to 1800 over the last three years. And my 60k income doesn't bring in 3x the rent.
IIf I did not own my condo I would be screwed.

[lifewithjackandnicole]

My late wife and I loved the Central Coast and lived in Santa Maria and Pismo Beach areas for over 10 years. Twice we went under contract to purchase and both times we bailed because the payment scared us so much. So...we always rented and no regrets. Later lived in Florida and bought in 2006, then got a job back in California in 2009. Like these guys, the market had crashed and we could not rent our Florida home to even cover the mortgage, so it went to short sale. Later we ended up in Oregon and again housing started getting crazy and we stayed on the sidelines as renters. Mind you, we both have California real estate license but the math just did not work out for buying. Sadly she was called to heaven in 2019 while we were in Oregon. I'm now in Phoenix, heart broken but still working and putting one foot in front of the other. Phoenix has some areas where you can still get something for 250k to 350k, but very limited. Instead I rent a really nice condo in a great part of north Phoenix near Scottsdale line for $1585 a month with water, sewer, trash paid along with gated covered parking. Once again, I've done the math and had local realtors tell me that I have such a good deal it would be silly to purchase. In the meantime, there will be a day when I return to the Central Coast as both my wife and I requested our ashes be spread over the Pacific at Shell Beach. Of course no need then to own property...

[Norm]

After listening to Scott it makes me want to sell everything and move to California. It sounds like paradise. High home prices, high taxes, loads of homeless people, yep paradise for sure.

[marshallhennington]

I live in LA and have been here most of my adult life. Crime, smog, homelessness, traffic, high prices, the cost of owning a business, property taxes and gentrification are all real issues. The time to invest out here was 2004- 2008. Now you would be lucky to find 1 decent home under a million dollars in Compton. Point being stay away from this place unless you have deep pockets or you will financially struggle. And for those of you who do choose to stay here do your self a favor and buy some steel to protect yourself and loved ones from these thugs who have no respect for themselves or for your property. I am telling you all that this place has gotten a lot worse!!!!

[zsdkglg]

My parents bought a home in Huntington Beach in a very average family neighborhood in ‘72 for $37k. That house is 3 million dollars right now! My home in Tahoe City I bought for 180k in the early 80s. $5 million today! It sucks ti be young today. No way they can make it without generational wealth behind them.

[TheAlexa]

I lived in LA for 10 years and SF area for 11 years and there is nothing more wonderful than CA weather, I miss it so much. I left in 2016 because it’s becoming 3rd world due to the idiot politicians who have created an enormous wealth gap; it’s basically the very wealthy and an increasingly large population of poor. Complete lawlessness. Sold my home in 2016 in a lovely coastal community because there was a freaking shooting a block away. Why would you pay an arm and a leg to live in a state where your children cannot even ride bikes safely in a “nice” neighborhood? Taxes are outrageous and it’s not friendly to businesses so they have also left to states where they can actually succeed and turn a profit. This is why people are leaving in droves!!

[ResmithSR]

Hardly any YouTube vloggers show or discuss how seniors or disabled people and veterans on low fixed income are surviving in the U.S. They show us these wealthy "successful" people who are worried about making even more money.

[ukulelebutterfly]

Here too. I bought my first house by myself in 1986. I'll never forget the look on my Father's face. I never asked for any money. But, he upgraded my electric! (his trade).
~ 🦋

[tizzx]

It's cool when Mom and Pap have the money and you can take Advantage of it but thats not everyones case.
Sometimes you just have to start from the bottom save some money up and be as much as possible responsible with your financess.

[jimspence]

Cash is king. All the people that got rich in 2008 had cash and bought the repossessed properties for a dime on a dollar.

[cleanasdirt]

It’s great hearing from people who live in the area, and speak the truth of what really is going on with everyday people.

[jimbrauer]

The houses are a lot bigger than they were on 1950. Most cars are new with all the options. People take a lot more vacations. Wages are down but living high on the hog has conciquences

[peggyporter]

What's going on right now makes me think of the French revolution. Rich people are making similar mistakes as King Louie and Marie Antoinette.

I'm 70, so I don't expect to be around to see how this plays out. Good luck everyone.

[peterpan]

He said something along the lines of, 'that it is better to rent and live in paradise, then own and live in a bad place'. Well you never know when your gonna go, so better to live well.

[lindaadams]

Scott is right... Once you buy a house, you're always at Home Depot and Lowe's...

[ericbentsen]

With the rents going up $500/month, people's incomes did not go up $18K/year.

[dennisklimavich]

I mentioned this on your site before....We rented for about a 3-4 year span, x 2 we had to leave because the house was being sold; x1 because the landlord was and ass (got mad because I planted flowers), lastly I bought the condo from the owner who had inherited . Never want to give up my freedom.