4 ms·
The boomers bought these houses for much less (proportional to their income) than people buying today. By quite a large margin. So yes, they’re special in that
by solumunus 3y ago
The boomers bought these houses for much less (proportional to their income) than people buying today. By quite a large margin. So yes, they’re special in that sense. People today won’t be nearly as well off in 30 years as the boomers were in a comparable timeframe. If current trajectory continues the kids in 30 years will be rioting, not complaining.
- onlyrealcuzzo 3y ago~87% of purchases are financed. Back then it was probably higher. Interest rates were >13% when my boomer next-door neighbor bought her house 30+ years ago. Payments weren't much different in tax-adjusted terms than then just a few years ago. ~87% of people are buying a mortgage payment - not the sticker price on the home. Mortgage payments are VERY high right now with respect to interest rates. Not long ago, at the beginning of the pandemic - they were quite low. Either prices will come down - or much more likely - interest rates will go back down or - less likely - incomes will go up (or a combination of the 3). Kids 30 years from now will be complaining. Song as old as time.