Pearl - Women End Up Broke By Buying Houses They Can’t Afford

00:00:00.000 What up guys? Welcome to my reaction series. Today we're talking about modern women regretting

00:00:05.260 buying a house. So statistics show that women own more homes than men. This is for a multitude of

00:00:10.540 reasons. The biggest reason is divorce. After that, would a woman's willingness to take the

00:00:16.580 risk of buying a home that they can afford all by themselves? Many of the women that bought

00:00:22.100 houses in the last five years do regret their purchase. Let's look at a 33-year-old woman who

00:00:28.140 regrets buying a house. I regret buying a house. Why? I would have saved the money if I rented longer.

00:00:37.880 Many young professionals today feel pressure to stop throwing away money on rent and become

00:00:42.740 homeowners as soon as possible. The reality, however, is that home ownership brings with it

00:00:48.180 an increased financial burden and restrictions that renters often fail to adequately consider.

00:00:53.720 Go Banking Rates spoke with 33-year-old Sarah, who deeply regrets rushing into buying her first

00:00:59.960 home last year. Still, in the first year of her 30-year mortgage, Sarah details how unexpected

00:01:07.520 maintenance costs, rising interest rates, lack of flexibility, and overall house poor feeling

00:01:13.900 leads to an extreme case of homeowner's remorse. And the thing also is a lot of these realtors rip

00:01:22.180 off women because they know they can. So, you know. All right, the cost of settling down too

00:01:30.280 soon. When Sarah bought her first home last year in Chicago suburbs, she thought she was making a

00:01:37.020 smart investment into her future. And the thing is, when women buy houses by themselves, they're

00:01:41.160 looking to be by themselves forever. All of my friends were buying houses, and I just felt like it

00:01:46.500 was time for me to stop running and put down roots, she said. So when women say that, what happens is

00:01:52.820 they, um, their friends are all kind of doing that. So they want to like, their friends are taking W's

00:02:02.300 and buying houses with a husband and or a boyfriend or something, and they can't do that. So they just

00:02:07.560 take that L. Uh, but just a year into homeownership, Sarah is filled with regret over her decision to buy

00:02:13.060 for several different reasons. It seemed like the right move. Like many first-time buyers, Sarah

00:02:18.560 rushed into purchasing a home without fully considering the additional costs involved.

00:02:23.560 My real estate agent told me not to worry about high interest rates and that I could always refinance

00:02:27.920 later. The mortgage broker I was working with made everything seem so simple, she recalled.

00:02:33.040 It seemed like the right move. All of my money would just be going towards owning something rather

00:02:36.960 than paying rent every month. What Sarah didn't account for were expenses like closing costs,

00:02:41.460 repairs, higher utility bills, and homeowner's insurance premiums. As soon as I moved into the

00:02:47.180 house, things started breaking. The AC unit went out the first month, and then I had a plumbing issue

00:02:51.820 a few months later that I've easily spent over $5,000 in repairs and maintenance in my first year of

00:02:57.420 owning the home. And the thing is, all of the guys are going to rip you off because they can't.

00:03:02.980 They're just going to charge you double or triple.

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00:03:36.720 On top of an unexpected repair, Sarah is now responsible for mowing her lawn, shoveling snow,

00:03:43.980 cleaning gutters, chores that would be handled by her landlord when she rented. On top of high

00:03:48.380 monthly costs, Sarah has been blindsided by maintenance expenses, homeowners insurance premiums,

00:03:54.320 and other unforeseen costs of owning a home. I super regret locking myself into a 30-year mortgage with

00:04:00.280 massive monthly payments at such a young age, she said. In just the first year, Sarah estimates that

00:04:05.920 she spent over $10,000 more than she budgeted for. This extreme financial burden has led to serious

00:04:13.800 doubts that she made the right choice by buying a home. Now I cringe every time I see mortgage rates

00:04:20.140 go up. Knowing my friends who are still renting can easily move or downgrade apartments. I'm stuck into

00:04:25.600 this house I can barely afford. Looking back, Sarah said she underestimated both the responsibility

00:04:31.340 and inflexibility of owning property long-term. When things break now, it's on me to fix them.

00:04:37.100 As a renter, maintenance issues were my landlord's problems, and I definitely took for granted being

00:04:42.180 able to move somewhere new every year or two without any hassle, she said. Owning this home already feels

00:04:48.440 more restrictive than freeing. Her advice for renters after considering buying. So what advice does Sarah

00:04:55.200 have for renters thinking about taking the homeowner leap? Rent longer than you think you need to,

00:05:01.680 she said. I thought I was being smart buying a house at 33, but I clearly wasn't financially or

00:05:06.380 mentally ready for that commitment. Yancey Forsythe, a real estate advisor from Missouri Valley Homes,

00:05:13.400 echoed Sarah's advice. Spend time thoroughly evaluating your financial readiness for home ownership.

00:05:19.420 Consider all the additional expenses involved beyond just the mortgage payment. She also suggested

00:05:25.000 renters build a sizable emergency fund before purchasing. From one homeowner to another,

00:05:31.480 there will always be unexpected expenses. Always have a financial cushion when it comes to owning

00:05:36.620 a home. For Sarah, she wishes she had heeded warnings from her parents and close friends to give

00:05:41.800 home ownership a bit more time. I was in such a rush to stop throwing away my money on rent, but

00:05:47.840 really renting gave me so much more flexibility. I'm now house poor for a property that frankly,

00:05:53.480 I don't even see myself wanting to live in long term. Her biggest piece of advice, rent as long as

00:05:58.320 you can stand it. Home ownership might seem like the goals, but financial commitment is not. And this

00:06:03.620 is the thing, boomers, they don't understand this. Boomers, you guys were at least able to plan to be with

00:06:11.000 someone for 20 years. We can't. Millennials, Gen Z, we can't do that. We can't plan for that.

00:06:15.880 We got a plan to get divorced. So we're going to buy a house that the wife can take. You know,

00:06:23.780 it's just, it is what it is. Anyways, guys, let me know what you think in the comments. Please

00:06:29.140 like the video on your way out and subscribe to the channel. Ring the notification bell. I'll see

00:06:33.080 you next time. Bye bye.

Pearl - August 04, 2025

Women End Up Broke By Buying Houses They Can’t Afford

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