Hom
Home Affordability
Topic
N/A
Accuracy
Recent Predictions
Incorrect: 0
Pending: 45
Unrated: 0
Prediction
Author
Predicted at
Status
Video
Affording a house involves three key components: down payment, monthly payments, and moving costs.
"You have to afford the down payment. You have to afford the monthly payment. And you have to afford ..."
Nov 8, 2025
Correct
Despite current high costs, homeownership is achievable through diligent saving, research, and patience.
"owning is expensive right now but through diligent saving research and patience it's absolutely doab..."
Feb 12, 2025
Pending
On average, buying a home costs 38% more than renting in the United States.
"across the United States it costs households on average 38% more to buy than rent"
Feb 12, 2025
Pending
Renting is considered an underappreciated choice unless a great deal, low interest rate, or strong property value appreciation (5-7 years) is anticipated.
"unless I find a great deal get a really low interest rate or I'm super confident an area is going to..."
Feb 12, 2025
Pending
The total annual cost of owning a property can be estimated at 9.35%, comprising 7% for mortgage, 1.1% for property tax, 1% for repairs/maintenance, and 0.25% for other costs.
"the cost of a property is really going to consist of a 7% mortgage 1.1% average property tax 1% for ..."
Feb 12, 2025
Pending
Renting is generally the cheaper option if planning to stay in a home for less than 7 years.
"if you plan to stay in your home for less than 7 years then renting tends to be the cheaper option"
Feb 12, 2025
Pending
A 7% mortgage interest rate is comparable to potential earnings in the stock market.
"a 7% mortgage is about on Pace with what you could earn in the stock market"
Feb 12, 2025
Pending
Historically, housing has proven to be a resilient investment in the long term.
"long-term housing is still proven to be a very resilient investment"
Feb 12, 2025
Pending
To buy a $1 million home with a 7% interest rate and 20% down payment, an annual income of $285,000 is required.
"and you would need to make $285,000 to purchase a $1 million home at a 7% interest rate assuming a 2..."
Feb 12, 2025
Pending
An $80,000 median US household income is insufficient to afford the median-priced home ($427,000) in the US under the 28% rule.
"if you make the median household income in the United States of $80,000 a year under this rule you c..."
Feb 12, 2025
Pending
For an $8,000 monthly income, lenders limit total monthly debt payments to $3,600.
"if you make $8,000 a month A lender will want no more than $3,600 a month going towards all of your ..."
Feb 12, 2025
Pending
With no other debts and an $8,000 monthly income, up to $3,600 can be allocated to housing, potentially affording a $530,000 home with 20% down.
"if you have no other debts and you make that $88,000 a month all $3,600 could go towards housing whi..."
Feb 12, 2025
Pending
An income of $112,000 per month theoretically allows for affording an $800,000 home.
"if you make $112,000 a month you could theoretically afford an $800,000 home"
Feb 12, 2025
Pending
To purchase a $1.2 million home, an income of approximately $188,000 per month is required.
"if you want to buy a $1.2 million home you'd need to make about $188,000 a month"
Feb 12, 2025
Pending
A home priced at $2 million would require an income of approximately $30,000 per month.
"and at $2 million you're looking at $30,000 a month"
Feb 12, 2025
Pending
Rent should not exceed 30% of gross income before taxes.
"we'll get the simplest part out of the way renting since this is a fixed cost the general rule of th..."
Feb 12, 2025
Pending
The 50/30/20 rule suggests allocating 50% of take-home pay to needs (including housing), 30% to wants, and 20% to savings/debt repayment.
"the 503020 rule which suggests that you spend no more than 50% of your take-home pay after taxes on ..."
Feb 12, 2025
Pending
Ideally, rent should be kept under 20% of gross take-home pay before taxes.
"ideally you should keep your rent to under 20% of your gross take home pay before taxes"
Feb 12, 2025
Pending
The 28% rule suggests that no more than 28% of gross income should be spent on mortgage payments, including property taxes and insurance.
"the 28% rule this states that you should spend no more than 28% of your gross income on your mortgag..."
Feb 12, 2025
Pending
In 2025, a $60,000 income can afford a significantly lower priced home compared to when mortgage rates were 3% due to increased costs.
"interest rates like just consider that when mortgage rates were down at 3% a $60,000 income was enou..."
Feb 12, 2025
Pending
To afford a $500,000 home under the 28% rule, an annual income of $145,000 is required in 2025.
"under the 28% rule you would need to earn $145,000 a year to comfortably afford a $500,000 home"
Feb 12, 2025
Pending
In 2025, the median US household income of $80,000 is insufficient to afford the median-priced home ($427,000) under the 28% rule.
"if you make the median household income in the United States of $80,000 a year under this rule you c..."
Feb 12, 2025
Pending
With no other debts and an $88,000 monthly income, up to $3,600 can be allocated to housing, potentially allowing for a $530,000 home purchase with 20% down.
"if you have no other debts and you make that $88,000 a month all $3,600 could go towards housing whi..."
Feb 12, 2025
Pending
In 2025, renting is financially cheaper than buying a home in all 50 US states.
"renting is cheaper than buying in all 50 states"
Feb 12, 2025
Pending
To afford a $95 million home, an annual income of $50 million or $4.2 million per month is required according to the 3033 rule.
"using the 3033 rule you need to be making a minimum of $4.2 million a month or $50 million a year to..."
Feb 12, 2025
Pending
If one needs to inquire about the cost of a luxury property, they likely cannot afford it.
"if you have to ask you can't yet afford it"
Feb 12, 2025
Pending
An annual income of $25,000 is needed to afford a $750,000 home.
"you would need to make $25,000 a year for a $750,000 home"
Feb 12, 2025
Pending
To afford a $500,000 home in 2025, an annual income of $145,000 is required based on the 28% rule.
"today in 2025 that's why under the 28% rule you would need to earn $145,000 a year to comfortably af..."
Feb 12, 2025
Pending
Housing affordability is at its lowest historical point, with the average required income to afford a median-priced home now being $114,000 annually.
"housing affordability is near its lowest level ever in history and the average income needed to affo..."
May 29, 2024
Pending
When buying a home, ensure affordability by covering the down payment, monthly payments, and moving costs.
"if you want to go out and buy a home that's fine just make sure you can afford it and when I say aff..."
May 4, 2024
Pending
When considering buying a home, ensure affordability by accounting for the down payment, monthly mortgage payments, and moving/initial costs.
"if you want to go out and buy a home that's fine just make sure you can afford it and when I say aff..."
May 4, 2024
Pending
A minimum 20% down payment is recommended for home affordability, to secure better interest rates, avoid PMI, and build equity.
"when it comes to the down payment what I like to see is at a minimum 20% down I know that's kind of ..."
May 4, 2024
Pending
Monthly housing costs should not exceed 25% of one's actual take-home pay to ensure financial flexibility.
"you want to afford the monthly costs now again I have kind of an aggressive approach here where I do..."
May 4, 2024
Pending
Prioritizing financial sacrifice to build wealth first will enable future home purchases of larger homes without concern for price, as opposed to becoming wealthy by buying a home.
"if you buy what you can afford then you can put more money towards your Investments which means you'..."
Apr 6, 2024
Pending
99% of the US is unaffordable for individuals earning $71,000 annually.
"99% of the United States being unaffordable for the average American making $71,000 a year"
Mar 13, 2024
Pending
The median home price in the US is $417,000 with a median down payment of $31,500.
"as of now the median home in the United States costs $417,000 and the median down payment is $31,500"
Feb 14, 2024
Pending
It is critical for individuals to determine what they can truly afford based on their personal finances, not just what a bank will qualify them for, especially when considering a home purchase.
"Your job is to know what you can afford for your wallet just because you can qualify for a million-d..."
Jan 7, 2024
Pending
To truly afford a home and avoid higher fees and interest rates, a down payment of 20% is recommended, building immediate equity.
"if you really want to be able to afford a home you need to be putting down 20% Now I know that's a l..."
Jan 7, 2024
Pending
The speaker advises that mortgage payments should not exceed 25% of one's actual take-home pay (after taxes) to allow for savings and investments, ultimately building personal wealth rather than solely benefiting the bank.
"what I want you to do is I want your monthly payment to be 25% of your actual take-home pay so you t..."
Jan 7, 2024
Pending
A minimum 20% down payment is advised for home affordability. For a $400,000 home, this translates to $80,000 in cash.
"if you want to afford the home that you're buying you need to have a minimum 20% down payment so if ..."
Jan 7, 2024
Pending
For housing affordability to return to previous levels, either mortgage rates must decrease by 4.4 percentage points, median household income must increase by 62%, or home prices must drop by 38%.
"in order for affordability to return back to its previous levels one of three things has to happen e..."
Dec 6, 2023
Pending
Housing affordability is currently at one of its lowest points historically.
"affordability is near the worst it's ever been"
Dec 6, 2023
Pending
Housing affordability is expected to get better.
"affordability will improve"
Dec 6, 2023
Pending
The US housing market is currently one of the least affordable, requiring incomes to jump 55% to make buying a home affordable.
"the US housing market has gotten so expensive that incomes would have to jump 55% to make buying a h..."
Nov 15, 2023
Pending
In major cities like Honolulu, San Jose, LA, or San Francisco, home prices are approximately 11 times the median family income.
"home prices are now roughly 11 times the median family income"
Oct 9, 2023
Pending
It takes an average worker 8 years to save for a 3% down payment on a median-priced home, and 30 years for a 20% down payment.
"a typical worker needs eight years to save for a three percent down payment for a medium-priced home..."
Jun 5, 2023
Pending