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Previous generations bought homes in early 20s, and paid off their mortgages in 7-10 years, so by their mid-30s their housing expenses were rather low. And infl
by nikanj 8y ago
Previous generations bought homes in early 20s, and paid off their mortgages in 7-10 years, so by their mid-30s their housing expenses were rather low. And inflation helped with the payments too.
Our generation gets 25-year mortgages, and very little help from inflation.
- sciurus 8y agoWhen were you born, and what country do you live in? As someone born in the 1980s in the USA, I don't think this is true. I believe that the 30 year mortgage has been the standard here since sometime in the mid 20th century.
- Spooky23 8y agoMy my area, which had median home prices most years, houses were 40-60% less expensive in real terms. Another thing to keep in mind is that there far fewer homes and people made a lot less money.