The TERRIFYING TRUE Cost of Owning a Home

Sooo many people nowadays are weighing whether it makes more sense to rent or buy a home. But the truth of the matter, it can be a more complicated decision than most people realize. In this video, I will help cut through the noise and give some real world examples and arguments for renting vs buying as well as revealing the true cost of owning a home.

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[MichaelBordenaro]

We WISH WE COULD SELL! But Our Interest Rate Is Too Low

[noreenn]

Even if rents are cheaper than owning, rent costs are still ridiculous.

[magicparkmemories]

Those cities you mentioned where rent is decreasing are all high crime areas. Chicago and Austin and Memphis has a lot of crime. Safety is first. Location, location, location

[ciimoon]

I realize most home owners have a mortgage, but i'd like to note that i know of myself and other friends that own their home outright with no mortgage and STILL are not making it and forced to sell, as it is getting more difficult to make ends meet of paying insurance and property taxes, gas, utilities, food alone. many people going to tents and vans and rvs.

[lewishodge]

One thing no one ever mentions about renting, is that if you like an activity or have a hobby that requires more space, you're out of luck in a smaller dwelling. I like woodworking and that doesn't go in an apartment. Doing your own car maintenance and repairs is the same, as are many other activities.

[sorcelord]

The fact that that house was 2.5 million is crazy. That same house is on average 300k-400k in Texas

[ciimoon]

400K in prop tax over 30 years?!? wow. I think this is the biggest factor in whether to buy in a certain area or rent. because property taxes alone can be higher than rent in certain areas. if youre gonna buy, choose a location with low tax, and get enough land to get some type of ag exempt tax.

[oneeleven]

What I don’t understand is how on earth are city councils penniless if they are getting that much from property taxes ?

[timboc]

2 million home with 400$ window AC'S in Miami is precious 😂

[astrahcat]

Renting is cheaper until this crash. If you get a 30, 000 dollar roof leak where they're short people to get to you so you gotta wait months for the fix, you're screwed. I got out. I'd say if you dont have kids, save money and move to mexico until the crash is at its peak or something. Live in a van and do delivery work with it. Get a tiny house or camper. Live with family or friends. Just get out of this system right now until housing drops 50% at least.

[BrentsTreehouse]

You can't rent the avg family home. The inventory to rent is more apartments than single family homes

[briank]

$800 month invested over 30 years at 8% comes out to $1.2 million. Rent, invest, and come out $1 million better off without the headaches of home ownership.

[ciimoon]

I remember back in the day when I was in college, I shared a 3 bedroom apartment with 2 roommates and my portion of the rent was less than 250 bucks a month. sigh.

[magicparkmemories]

I live near Disney and there was a lot of big Disney news today. First, their star wars hotel is a failure and will be closing in September. It was $6, 000 for 2 nights at the hotel. Secondly, Disney was going to transfer 2, 000 jobs from California to Lake Nona area near Orlando. They were going to build a campus and create 13, 000 jobs. It was a billion dollar deal. Disney cancelled this plan today. So the city of Orlando lost a big business deal. The mayor of Orlando was not happy. I bet the houses in Lake Nona will go down in price. I just know that this will impact the local economy here.

[thetapheonix]

The extra cost of owning a home is still worth it me. I dont have to worry about rent increases and moving and more importantly I am building equity instead of paying rent which makes other people rich.

[chk]

Long term renter (30+ years) in super expensive city but have well below market rent. When younger I had romantic hopes to meet someone to buy a home with (as I was raised to believe would happen) and it didn't happen. Despite the fact that I saved/invested over 1.5 mill (no one's business but my own and is basically average in my city), I am subjected to continual judgement from mortgage holders, even those who own homes outright via divorce, condescension, unsolicited questioning and advice about my life choices. "You're still in THAT APARTMENT? OMG, HOW LONG are you going to LIVE THERE?" I do not judge home "owners" regarding their bloated mortgage, conspicuous consumption, weight, eating habits, smoking/pot/drinking habits, choice in partner, etc but as a renter so many feel entitled to look down their nose at me and to judge me TO MY FACE. Would I ever tell my morbidly obese relative that she's been huge for a long time and how long does she plan to be FAT for? No, that would be incredibly rude. But this same woman feels she has the right to judge me for years being a renter.  

I am too thin skinned for this world of greedy, judgmental arrogant "homeowners" who are now all bragging about how much their houses are "worth" or how much they are gouging their tenants in rent. The whole situation is disheartening. I am tired of being told I"m throwing my money away and paying someone else's mortgage and despite being WEALTHY, treated like a second class citizen, and being judged OVER MY POSSESSIONS and my personal choices in this life.

Talk about depressing. Housing, a basic human need, is now a BLOOD SPORT and the current situation reveals the true nature of most people. For this reason, I wish I had bought long ago when prices were relatively reasonable and I can only hope for a significant correction so I can buy a small place in which I can retire, age and die somewhat peacefully. But I'm sure these same housing Karens won't stop with the judgement over what I FINALLY decide to buy!

[rustyshackleford]

I don't understand how people have the money to pay for property taxes. It's insane.

[jobellecollie]

Way back in the day, when I studied Mortgage Law, the bank I worked for had “Home Owner Classes”. We would invite professionals from bankers, utilities, builders, repair techs, etc. If the participant finished all of the classes, we offered 1% off the down payment (and other offers from the companies who taught each class) and none of the participants foreclosed or ever had one late payment. Interest rates were 9.5% with 2 points! But that was DOWN from 14% to 18%!

[recklessdebug]

I have given up on the housing market. I'm from Ohio. I am just going to rent for a year or two and keep saving my money.

[janicenunn]

With war and social unrest developing I prefer mobility of renting