Don’t give up on buying a house: Charles Payne

Don't give up on buying a house: Charles Payne

FOX Business host Charles Payne breaks down what would make the housing market more affordable on ‘One Nation.’

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[Music] We hear it all the time the top issues For voters this election immigration no No it's crime no it's abortion but what Is the biggest concern for younger Americans okay so I'm just checking We're all unable to buy a house right Now right like I'm not the only one who Runs the numbers every single day and Looks at the budget and it's just like There is no way on Earth that this is Potentially feasible for me we were sold This unachievable dream that if you work Hard that you get what you want it seems Like no matter how many hours you put in You're getting nowhere we bought our House in 2018 and if we were to buy it Today in 2024 we wouldn't be able to Afford it so our monthly payment in 2018 Was $2,894 today that would be $ 6,776 wow if you didn't get a fixed rate Now with soaring interest rates low Inventory how do you buy your first home In this impossible Market that is the American dream or should we change it Joining us right now to offer Solutions And analyze the problem the best in the Business the host of making money on Fox Miss Charles Payne Charles you've heard This before right you got you got uh Emerging teens too what do you say to These people that are concerned the last Guy was humble bragging a little bit

Though right this house dou value yeah Yeah I like what he did there um the Young lady was interesting because she's Like I'm working hard yeah I'm looking At her age she's in her 20s right it's Unrealistic it's always been unrealistic To be able to buy a house at this age so I think first and foremost do not give Up on it as an American dream uh they Really have done some terrible things With respect to flooding the economy With so much money sparking 4-year High Inflation that does not go away also Because the Federal Reserve has gotten Involved you've got this whole thing That's so skewed people have locked in Rates are reluctant to sell you're not Going to sell a house even if you made Big money on it for with a 2% mortgage And trade it in for a 7% morgage right So you don't have a lot of sellers There's no incentive for Builders Couple things the taxes the the the Bureaucracy uh it's just really really Crazy it's really really tough let me Give you a stat these this stat is going To blow your mind because we have the Most unaffordable housing market in in The history of America and in the world If you wanted to make our housing market Affordable you could do one of three Things housing prices would have to come Down 41% incomes on average would have to go

Up 69% or mortgage rates on average would Have to come down 4.3% instead of over 7% like about 3 and a half% which it was Not too long not too long ago so the Last one is the only one that can happen And the only way that interest rates are Going to come down that low is the Economy's got to go into a deep Recession so my advice to people is There's a couple things we're in this New age work from home so the beautiful Thing is you don't have to necessarily Be in a overpriced City to get these Great jobs and be able to work consider Working further away from the city from The city getting more land getting a Bigger house for a smaller payment Consider that also everyone just has to Buckle down right now you really have to Make sacrifices you know I spoke to a Bunch of police recruits a couple of Weeks ago and I said you got to give Some of these things up you know you Can't have an only fans account an Uber Account a GrubHub account you can't go Out for avocado toast every morning you Just simply can't have it all and nobody Ever could have it all right I mean I Saved up for a long time to buy my house My on a budget in the little things Matter it gets to be a mindset save that Cash so that when the circumstances Change when the tables change and we do

Come into a recession and housing prices Plummet and and mortgage rates plummet You'll be in control and it could happen Soon uh 1981 the average uh person who Got their first house 29 in 2013 it was 31 uh in 2023 it was 35 so that's what's Frustrating some people I want to bring Up something new and forward looking Could the stock market be going to Texas It looks like they're going to be Launching a Texas stock market uh with The help of Black Rock and Citadel in 2026 how real is this it's very very Real you know it was ironic the same Week that that the same couple days that This news came out New York dropped its Congestion pricing scheme okay which Charged everyone just to drive through The city just to drive through the city Extra you already paid a ton of money if You came from a Jersey right on tolls uh And of course the parking is crazy uh And so it's so ironic that the governor Said well you let's hold off on a Congestion pricing thing they are Chasing businesses out of America out of New York City these These are the major Companies and if they they're getting Tired of New York would it don't you Think other people will follow of course Because these are also companies that Are trying to attract the top talent out There the smartest people out there the Smartest people out there have choices

When you graduate from your school and You're the top of your class you may not Want to go to a crowded City that's Extraordinarily expensive and and work You know back to our first topic right And in a crime written city right so They have to make these adjustments just Like every other business that's why Businesses have fled in Mass from California and New York huge I mean just You know you've seen the numbers how Much it cost to rent a a a you know U-Haul leaving New York as opposed to One going to New York right you know It's expensive because everybody wants One so I I think we should keep our eye On that and see what's happening also I See that fewer and fewer companies are Are going public and they're keeping it Private they just don't want the Scrutiny they don't want other people Looking over their shoulders there's two Things the going public became a scam in My mind over the last 20 years Silicon Valley Wall Street have ripped the American people off by on back in the Envelope a trillion dollars this my this Is my personal opinion because what used To happen is 25 years ago a company Would go public at $30 a share later on That day it'd be trading at $60 a share And everyone say look at all the money You left on the table you could have Sucked that up too and all now they go

They stay private and they keep raising Money privately they start with friends And family then a first round then a Mezanine round then another round and Every time they raise money privately They hike the value of the company it Doesn't matter how much they're making Right so a company could be worth 5 Billion they hike it to 40 billion and Then they go public at 80 billion the Public is caught on to that and they're Not playing Chums anymore so if you want To go public go public at a reasonable Price because no one should be buying These IPOs this is why Charles the best Charles thanks so much appr everyone I'm Brian kilme I want you to do me a favor I want you to click to subscribe to the Fox News YouTube page this is the only Way that I know for sure that you're not Going to miss any great commentary any Great news bites any great interviews Coming your way on Fox you can get it All here on YouTube so subscribe right Now

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