Why I Wouldn't Buy a House in 2024

House prices are at an all-time high as rent continues to soar as well. It no longer makes sense to buy a house though, as we weather through the housing bubble that is pending doom on America as the Federal Reserve continues to maintain or raise rates in 2024 and 2025.

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#housingmarket #buyorrent #financialindependence

In today’s video, we tackle the pressing question: Should you buy or rent a home in the current economic climate of 2024? With soaring mortgage rates reminiscent of the 1980s and skyrocketing home prices, navigating the real estate market has never been more challenging. Join us as we analyze the dramatic rise in housing costs since the pandemic, the impact of high mortgage rates on your financial independence, and the strategic considerations for would-be homeowners and renters.

What You'll Learn:

The Current State of the Housing Market: We examine the sharp increase in home prices and rental costs post-pandemic, including a detailed look at historical trends and future projections.

Mortgage Rates Analysis: With rates hitting around 7%, the highest since the 1980s, we discuss how this affects buying decisions and investment strategies.

Rent vs. Buy: Insights into the ongoing debate with real-world calculations and scenarios that help clarify which option might be right for you.

Financial Independence Strategies: How the decision to buy or rent impacts your financial goals and potential paths to financial freedom.

Additional Resources:

Visuals and Charts: Featuring detailed charts from Visual Capitalist to illustrate shifts in the housing market.

Economic Analysis: A breakdown of how historical rates and income levels compare to today's numbers.

Personal Story: I share my personal experience with mortgage management and real estate investment to offer practical advice.

📈 Who Should Watch?

First-time homebuyers wondering whether it's the right time to enter the market.
Current homeowners considering selling or refinancing.
Renters looking at long-term financial planning.

Economic enthusiasts and students seeking a deeper understanding of real estate trends.

💡 Takeaway:
Whether you decide to buy or rent, understanding the broader economic context and preparing for future financial scenarios is crucial. We’ll equip you with the knowledge to make an informed decision that aligns with your personal and financial goals.

🔗 Stay Connected:
Subscribe and hit the bell to get notified about our latest videos. Join our community for more insightful content on real estate and personal finance.

Resources from Today's Video:
Buying vs Renting (Visual Capitalist): https://www.visualcapitalist.com/buying-vs-renting-house-in-america/

House Prices vs Income (Visual Capitalist): https://www.visualcapitalist.com/median-house-prices-vs-income-us/

Mortgage Rate Calculator:
https://www.bankrate.com/mortgages/mortgage-calculator/

*Disclaimer: Bob is not a financial advisor. Please contact a professional financial advisor prior to making any decisions. Some of the links and other products that appear on this video are from companies in which Bob Sharpe earns an affiliate commission or referral bonus. Bob Sharpe is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.