4 ms·
I don't know what it's like in other countries, but in the UK it pretty much feels like property has gotten so out of whack with the rest of the economy that wo
by throwaway22032 4y ago
I don't know what it's like in other countries, but in the UK it pretty much feels like property has gotten so out of whack with the rest of the economy that working only really makes sense if you don't own your home.
A house that was 150K in 1999 is now almost 1.5 million.
Realistically wages might have doubled or tripled in that period.
There is just no purpose to it. Let's say you're 50, your house is paid off, and you have some minimal pension. You could work for a year, earn 100K (top percentile), earn maybe 60 after tax and... there kind of isn't really an and. You can't sell the house and buy another one without paying 50-100K in stamp duty on the transaction.
That's an entire year of working just to sell your house and buy the identical one next door.
The entire economy seems to rely on people who are forced into working because they're poor. There's very little carrot for people who are secure.