Home Ownership

[Jibartik]

Originally Posted by Shourty [You must be logged in to view images. Log in or Register.]

My parents were saying housing is too expensive in the mid 60s when I was in high school. It was. They bought an old house for like 10k and scrimped to make the mortgage payments. They were saying, when I got ready to buy it would be impossible.
My wife and I purchased our first home in the early 70s for 67k and scrimped to make the mortgage.
Our kids payed over a hundred k for their houses and scrimped to pay the mortgage.
I see a pattern here.
Right now, because of the shutdown for the pandemic, there aren't as many new houses on the market making the older ones more expensive. Folks are going to have to scrimp to make the mortgage payments. Shocking!

Median mortgage 1960: $11,900
Median income 1960: $5,600

A home costs x2 your income.

Median mortgage 2018: $272,500
Median income 2018: $65,000

A home costs 4x your income.

This is why people hate boomers.