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Maybe 30-50 years ago having 15K saved up was rich. What can 15K get you today? An OK used car, maybe, and it's like 1/10th of the down-payment that's expecte
by mjevans 8y ago
Maybe 30-50 years ago having 15K saved up was rich.
What can 15K get you today? An OK used car, maybe, and it's like 1/10th of the down-payment that's expected on a house that's still too far away from work, which you can't expect to stay at because no one has a stable career anymore.
- dahfizz 8y agoWhere do you live? I bought a car that was <2 years old with <30k miles for just under 8 grand. You can easily find good cars for less than $15k. In fact, 15k is nearly enough for a brand new nissan sentra. And with a median home price of $200k, $15k is nearly half of a down payment if you want to avoid mortgage insurance, and is plenty if youre willing to take on mortgage insurance.
- mjevans 8y agoArguably the price of the car is still near enough to estimate; 15K being a median figure in the ballpark. It's also not JUST the home price, it's the career, being able to expect to stay in the same area for a long time and generally do well. I happen to live near Seattle, but I think the same could be said of a majority of the 25 most populated metro-areas in the US, if not a similar proportion of cities in most other countries. https://en.wikipedia.org/wiki/List_of_metropolitan_statistical_areas#United_States https://en.wikipedia.org/wiki/List_of_metropolitan_statistic... I'm extrapolating that any place with >5% population growth over the ~10 year period is in a similar bind due to various policies.