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That's not going to happen, salaries are depressed and are not keeping up with inflation by a large margin.
by myth_drannon 3y ago
That's not going to happen, salaries are depressed and are not keeping up with inflation by a large margin.
- dragonwriter 3y agoThe balance on an existing loan doesn’t increase with inflation, though.
- myth_drannon 3y agoYes, but the interest payments on mortgages with variable rates had doubled. Now some people basically are paying interest only without paying off their principal amount.
- onlyrealcuzzo 3y ago<2% of US homes are on variable rate mortgages.
- red-iron-pine 3y agoMost folks aren't on variable rates. If you're on a fixed 15-year or 30-year then inflation is generally working in your favor. Salaries not going up is not directly related to mortgages, and while I can't speak to all jobs, has been pretty good in the STEM field.
- yamtaddle 3y agoEveryone freaked out about rising wages because they saw fast-food worker "we're hiring" signs offering $17/hr... meanwhile the $20/hr worker nearby saw a 1.5% COL raise in a 10+% inflation environment (and higher inflation on the cost of things that actually matter).