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achary Foust, a 31-year-old Delaware real estate agent, has been making waves on TikTok with his passionate rant about the struggles of young people getting onto the housing ladder. In a recent video, he shared his frustration with how the wealthy and powerful have made it increasingly difficult for average people to own homes.
Foust began by sharing that he initially joined TikTok in 2019 to educate people about home buying, but soon realized he had a front-row seat to watching the American Dream slip away from the working class. He argued that factors like Reagan's tax cuts, private equity's rise, and the Supreme Court's Citizens United decision have led to institutional investors buying up homes, pricing out normal people in favor of billionaires.
According to data, investors made up nearly 27% of home sales in the first quarter of this year, a record high. Foust believes that this is a result of the wealthy's ego and lust for power, which has drained the working class income and upper-middle-class asset opportunities.
In his video, Foust expressed his desire to start a change, promoting more equality and giving people a chance at wealth. He asked why he was labeled a communist for advocating for homeownership for all. For him, owning a home is not just about shelter but also an investment that appreciates over time, providing security in uncertain times.
Foust shared that his disillusionment with the real estate industry began when he saw clients who had done everything right yet still couldn't buy homes. He encouraged people to take action and control their financial foundation by keeping debt low and credit high, ideally above 700. He also suggested investing savings into something yielding 4-7% annually to grow a nest egg for future down payments.
Foust emphasized that there's no shame in not being fiercely independent and living with family or friends to save aggressively. He shared his personal experience of buying his first home, which was a significant step into adulthood and responsibility.
