My rent on a beautiful 2 bed/2 bath apartment in a nice northern VA suburb is $1888 a month. The mortgage on a $500,000 house in my area is over $4,000 a month. YES, I want a house, NO, I don't want to spend over 4 grand a month for it.

@KRHPlaylist

9 ай бұрын

10000% this and things break but I don’t have to fix them 😆 but our landlords are amazing we’re very lucky

@lefromthecity

9 ай бұрын

Wait where?! 😢 Lol my studio in northern VA will likely be $1800 next year 🤦🏾‍♀️

@jtrell4297

9 ай бұрын

Maybe you should buy a house down then if that’s out your budget

@irrelevantjoker37

9 ай бұрын

I disagree with you. In NOVA sadly housing prices will just go up and 500k are you just getting a condo? I went from a 1700 mortgage townhome to almost 8k 10 acers. 😅 yeah I know. But long term NOVA has a stable work environment. Meaning NOVA home prices will go up not like the good old days but, slowly zillow is showing 1.5 to 2 percent. Also the rise in property taxes. I AGREE with my man you take the leap of faith and have your permanent home.

@irrelevantjoker37

9 ай бұрын

​@jtrell4297 NOVA is just for a condo is 400k to 700k depending on the location.

My plan is to take over my parents payments and now THEY live with ME! And if they wanna live under my roof they gotta follow MY rules... plus at this point they really are like children again.

My nephew is currently having this dilemma rn lol. His plan is to rent temporarily and save up for a permanent house. With the housing market conditions right now, your thoughts are very helpful, javier. Always a fan of your analysis, assessment, and recommendations. realest and coolest yt realtor alive hahahah

You should have a category for people who hate where they live

My wife and I both make 6 figures now that she graduated with her nursing degree. We are moving to be closer to her family and new job. The market there is broken. No supply on the market, old run down houses, way over-priced. We decided we are buying property and I'm going to build us a modest house. I used to work construction. I can build us a nice new house for less than 50% the cost of buying an old fixer upper/money pit. So we are going to cash flow building. We are renting short term. It will save us over $200k in a year.

I don’t see that 25-30% of your net income as monthly payments being feasible anymore. Atleast not where I live .

@leri3365

9 ай бұрын

Right, more like 35-40% now

@Ja56780

9 ай бұрын

It’s around 40-50 percent where I live, something has to change.

Your videos are so unbelievably helpful! Definitely sharing this with others!

I am one of the rare optimists- bought a house for 170k in 2022 right before the rates went up with not enough research. Someone told me I was wealthy enough to buy a home where I lived in the Midwest and I literally called a realtor the next day. I just checked the recent sales in my area (learning more about local area research thanks to your videos!) and similar homes are selling for 190-240k right now.

Thank you so much Javier for making excellent video on this topic!

Javier.. man you make videos both entertaining and informative . YOU ARE A PRO. sharing this video to my family👍🏼

Always good content. Keeps me thinking straight. Thank you.

helpful as always. glad to be a subscriber of you javier.

Good to see you posting more, hope you are doing better

really good video thanks

Home ownership is great, but not when you are barely scraping by just to make the mortgage payment. Repairs kill homeowners who live on the edge.

Buy a house for long term it make sense rather than renting. Rent keep go up over time no matter where you rent.

i had countless of self reflection during the video hahah you know some mistakes i did when i was young. thanks for this one javier. You are genius and hilarious all at once ❤️

When the interest on a home loan is more than the rent, it doesn’t make sense to have a mortgage.

@mitchjordan1863

9 ай бұрын

I am making a fortune off of renters like you who too afraid to make the commitment it takes to purchase a home. Thanks for the money I really do appreciate it.

@clas2002

9 ай бұрын

@@mitchjordan1863 you’re welcome. I’m proud of you. I’m also cash flowing all my rentals because I own them outright but haven’t found the right house I want to live in yet. Likely I’ll have to build a custom home.

@candelariaw1668

8 ай бұрын

Just keep taking care of your landlord, he won’t complain.

@clas2002

8 ай бұрын

@@candelariaw1668 would it be better if I took care of the banks instead?

Great vid, I have no debts and my rent is $1350 and the average mortgage in my area (Austin) starts at $2400 - $2800, that's more than 50% of my monthly net salary and I can't bring myself to pay that monthly. Also let's be clear here the days of 3% interest was anomaly that we may never see again.

@3rdcoast94

9 ай бұрын

I’m in the same boat brotha. Debt free and my rent + utilities is $1200 here in West Houston. Paying cheap rent and investing majority of my income. I can’t see myself paying these prices right now even though HTX is cheaper than most major cities

@asadb1990

9 ай бұрын

Never say never. For now there are talks in politics about providing affordable housing. Over time as the economy slows down too much, they will slowly reduce the interest rate to prop up market and boost economy until the affordable housing matter gets swept under the rug. Its all about getting into a home be it a condo or smaller house and then upgrade later. But otherwise you will inevitably be priced out of the market.

@TMKJG24

9 ай бұрын

​@@3rdcoast94sane here in Cali rent + utilities $1330 no debt working on emergency fund

@CaBdosdos

6 ай бұрын

I'm in Austin area and I'm about to pay 2600 with utilities included for rent. It's 32 percent my income but I hate it. Also it's a house i can't do apartments.

great comparison 😍

Wow, glad I saw this video, even if I'm a few months late. I finally feel seen as a Cautious Chad. Thanks, Javier!

As a homeowner i can say, if I knew what I was getting into I wouldn't buy so soon. I was always told a mortgage will never change . My mortgage went up every year since I owned my house with property insurance and property tax going up, can't even change insurance because I need to replace my roof which is about $20000, AC broke now on a payment plan because couldn't afford to fix it. I'm more in debt now being a home owner than when I was renting. I regret it everyday

I own a house. You should rent.

Never mind about what other people think, nor the peer pressure that society put on someone to buy a house as a financial status because, nobody is going to pay your mortgage or rent, but you. It depends on the individual and their personal preference, whether if they want to buy a house or rent. Being a homeowner or a renter, they both have their pros and cons, advantages and disadvantages. Neither is a bad choice! It's what a person wants, and what responsibilities they are willing to accept long term.

@GenZRadio234

9 ай бұрын

Ownership is important if you choose to rent your whole life don’t be surprised when your grandkids want nothing to do with you. 😂

@slimdude2011

9 ай бұрын

@@GenZRadio234 Some people chose not to be homeowners (for personal reasons, whatever it may be) and that's their prerogative. As far as grandchildren is concerned, they're going to be adults, have their own homes and take care of themselves.

@GenZRadio234

9 ай бұрын

@@slimdude2011 Grandkids as in nobody want to see their parents living in and renting apartments their whole life lead by example so there is a clear path to generational wealth. If more people became homeowners before, they started having kids, you wouldn’t see so many single mothers in shelters.

@slimdude2011

9 ай бұрын

@@GenZRadio234 What's wrong with someone living in an apartment their whole life, as if apartment living is a disgrace? It's better than being homeless and living on the street! Everybody is not fortunate to have a six-figure salary who are rich or was born with a silver spoon in their mouth, for every family member to own multi-million-dollar homes and living an extravagant lifestyle. Everybody is not blessed with "generational wealth"! You have to consider the unprivileged as well. There are people with low income living from paycheck to paycheck, and they can't afford to buy a house, even if they wanted to. They have to do what's best for them and their family, which is to rent and there's nothing wrong with it.

@GenZRadio234

9 ай бұрын

@@slimdude2011 land is free today bro people are setting up their tents and building their homes wherever they want so that’s why ownership is important because when you own it it’s yours and you have the right to defend it with your life regardless of any government legislation or agreement. We have to start respecting ownership or land will be devalued.

subscribed!

I feel like 2 major things that are never mentioned in these videos are 1. Most houses have at least 2 bedrooms if you rent a bedroom it could lower the monthly cost of home ownership significantly over renting. 2. Home ownership combined with renting a room as major tax implications that save you hundreds a year in taxes. Renting does not offer these options.

I keep asking myself. Is it worth owning a home in Texas? Everyone wants to move here but the property taxes are insane. We pay more in taxes than the mortgage and insurance combined.

@BuddhismHotlineTV

9 ай бұрын

Exactly it’s a trick. People don’t get into the nitty gritty they are stupid

Your videos are awesome. Can you cover the decision of renting your current home vs selling it to get next house?

Here in Florida, you have to pay first and last plus a security deposit. 2/2 can cost you between $5,700 to $7,200 for move-in costs. $1,900 to $2,400 a month depending on the area.

@TopVillain

9 ай бұрын

2400 a month is still cheaper than a mortgage and your security deposit is cheaper than 20 percent down

@CaBdosdos

6 ай бұрын

​@@TopVillainDon't forget closing cost.

My neighbor just listed and is pending in 12 days. He’s getting double what he paid for in 2016.

I get my undergrad at the end of 2024 and currently living with parents. Hopefully by this time next year, it’ll be smart to make a home buying move.

For me, a house is actually cheaper than rent here so I'm in the process of buying one right now. About $1400 a month with utilities and mortgage, compared to $1600 rent + utilities

Bought a 2/2 Cape cod in Winchester VA for 185 k in 2021 2.3%. Mortgage is 1050. House is now worth 350k. I'll die here and I'm ok with that...

Very informative and helpful. Could you tell me if there will be market crash and is it the right time to buy?

Yeah

Hi Javier. Is there a rule-of-thumb in this current housing market/broader economic environment for how much one should reasonably have saved up before buying (emergency fund, downpayment, closing costs...)?

@kyjahnsmith3685

9 ай бұрын

A 6 month emergency fund AFTER shelling out a sufficient down payment is probably your best bet.

Hi Javier thanks for another great video! I have a topic that I’d love your opinion on that I haven’t seen much discussion recently. We are buying a house right now and we have gone back and forth on buying discount points. It would take at least 2 years to get even with the current interest rates. And there’s always a chance the interest rates will lower some before 2y and we could refi. So my question is this: what are the things that I should know about refinancing? How much in fees should I be expected to pay and how bureaucratic is the process? Any market trends that you want o weigh in? Thanks so much!!

@reynaramirez8895

9 ай бұрын

My advise would be to make the financial situation that makes sense for you right now, that is based on the things your know of and can control. If everything adds up then you know you will be comfortable no matter what happens tomorrow. Things are so relative. We got our house in 2018, at the time the interest rates were high compared to previous months, prices were algo going up. Things were also uncertain. Looking back we were lucky considering current state of things but there was no way to tell that back then and still no way to know what could happen in future.

Great video as always. I was looking to buy in the Parker, CO area where for $650k you can get a beautiful home with a nice yard. Issue is renting that home is only about $3,000 a month whereas a mortgage will be at least $6k with everything factored in. I also pay $3k a month for my kid's school so the way I see it, I might be better off just renting and basically getting free childcare and investing the extra money each month instead of building equity in the home. Any thoughts for this specific example?

@kyjahnsmith3685

9 ай бұрын

If your thinking about your home strictly as an investment then that makes sense. But you can’t live in a stock or a bond you know what I mean ?

I just want to say this one thing. A lot of housing and real-estate people always bring up one of the benefits of renting being "you aren't responsible for repair costs" but this just isn't true. Any person renting out who isn't a complete idiot will factor in repair costs into how much rent they charge. At the end of the day most people renting out are trying to profit, paying for repairs from your own personal savings cuts into these profits which would make renting a pretty bad deal for most landlords. Only charging enough to cover your mortgage will lead you to going bankrupt and losing that property real quick. So there's always going to be more on top. Mortgage is 2k(including property taxes for sake of argument) need to add about 200 more on top of that for repairs. Then add like another 800 for myself to profit. BAM 3000 a month for rent, renters are STILL paying for those repairs it's just factored INTO the rent and doesn't show up on a bank statement

@candelariaw1668

8 ай бұрын

You better say that again…

How many months Emergency Fund is realistic if a person also saving for 5-7% downpayment in current high interest market?

Rent in Morgan Hill, CA is close to $4k a month 🥴

North FL here, rent is 1500 and mortgages are like 3200 for a 350k…I just can’t

Don't believe what the loan officer tells you how much you can borrow. They'll give you a number that would over stretch your budget.

What company you recommend for renting a house in Az? I don't wanna pick a place on Zillow and find out the landlord sucks

Rent is double a mortgage were I live in rural KY

@colettespencer3357

9 ай бұрын

That's why investors buy out there. Renting is about half of a mortgage payment in san diego

@richardbarrow7498

9 ай бұрын

Think it would be the opposite

There is no comparison to renting and owning right now. Mortgage payments are so high right now it’s best to rent. It’s not just a mortgage payment when it comes to home ownership. Your bills will be way more expensive water garbage sewage your electric bill will be double your gas bill will be double. Insurance and miscellaneous repair bills and upgrades you will want to do.

@candelariaw1668

8 ай бұрын

Everything is expensive, just have to budget your money. I rather own than keep letting a landlord survive off my rent payment. As long as you’re helping a landlord you will never have nothing to show. When they get tired of renting you got to go!!!

@TopVillain

8 ай бұрын

@@candelariaw1668 rent a apartment. Sure buy a home just be smart about it. When you rent you are getting something in return which is a roof over your head. You don’t make money from your home unless you sell your home and then you will have to either rent or buy another. And with mortgages today your purchase a home for 500k you will end up paying 1.2 million at the end of 30 years. Your not winning either way pick your poison

One huge factor between rent vs buy is if you have a large down payment saved up. Getting 5%+ guaranteed and safe yield on your down payment money can help subsidize a good portion of your rent. All that bond income goes away once you buy a house and spend that downpayment money.

@thunderb00m

9 ай бұрын

But that bond interests is taxes. So its really not worth it. I hope interest rates rise

Hi Javier - love your Channel can you do video about using 401K to buy a house ? Or maybe a link ?

@len9743

3 ай бұрын

Keep your 401k. That's a desperation move taking 401k money out to buy a house.

Javier mi amor... ❤

Some states are really bad, so I don’t understand why all states are put in one category.

Do you think it's wise to sell my house and rent? I'm afraid my house price will drop and I'll be underwater on the loan for a few years and be forced to wait just to break even. We for sure want to move out of state within 3 years. FYI I bought my house at $455k in 2021. Loan balance is $420k. I'll be lucky to sell at $465k right now.

@tamarastone141

9 ай бұрын

🤦🏽‍♀️what are you doin?? Is this a real scenario.?

@IvanCeballos

9 ай бұрын

@@tamarastone141 yeah I will rent for super cheap and save money and get out of all my debt. My house payment is slowing me down on paying debt and saving money

@Bubbles-qh7ez

9 ай бұрын

You would basically break even. Did you even take into account the cost of selling

@candelariaw1668

8 ай бұрын

Stay put.

Javier Vidana_____The Man______The Myth________The Legend !!

Right now, i would NOT buy unless I was 100% sure i was staying for 10 years or longer.

I think you need a new topic Javier. You should consider how divorce affects home owners if they keep or lose the house. How does that affect credit, cost of living, and the family. I'm sure as a realtor you've encountered those individuals and how it affects them, and I'm sure they're still a part of your buyers. Something to consider.

@sew2prosper

9 ай бұрын

This would be a great topic.

MOST rich people stay rich by spending like the poor and investing without stopping then most poor people stay poor by spending like the rich yet not investing like the rich but impressing them

@moreesdelk

9 ай бұрын

The thing about being successful is working towards it smartly and not just talking about it

@SimonSquib1

9 ай бұрын

Sounds good😊How do you do that? I'm interested, how do I go about getting started?

@Macdonald12

9 ай бұрын

Please do you mind sharing any means of reaching out to her easily, I'm really interested I believe this is genuine.

@Levi_Crypto1

9 ай бұрын

I'm from Los Angeles , I and two other of my friends tried her immediately we testified her performing wonders

@Auto_DS

9 ай бұрын

I countlessly share my experience with co-workers at work, how I made $23,000 from $4,000 in 7 days of trading

Hahaha, "save" while renting.

I love being so rich.

Does Javier like the comments??

@JavyVidana

9 ай бұрын

No

@neilmansilla809

9 ай бұрын

@@JavyVidana😢

@LAC32Griffin

9 ай бұрын

@@JavyVidanalol😂

Since minimum wage is going up to $20/hr for fast food workers in California, an increase of 30%, I'm going to increase my rent to the maximum allowed. They can afford it now~!

Nobody likes excessive unnecessary beeps and sound effects.

@ilta

9 ай бұрын

I like them, en serio.

why talk so fast?

@JavyVidana

9 ай бұрын

Hit the settings and reduce the play back speed

@Thisismeofcourse

9 ай бұрын

@@JavyVidana but then it makes people sound drunk :) no worries, i appreciate you still! just out of caffeine now