valid
Boomers bought their houses in the '70s and '80s when the interest rates were 15%. It’s why the houses were cheaper for them.
Not giving them a pass. They did have what is likely the easiest economy in American history, but they didn’t have record low interest rates.
mojofrododojo@lemmy.world 1 day ago
michaelmrose@lemmy.world 1 day ago
In 1970 the median house was about 22k and median income for white families was 10k mostly via a single earner.
Minorities were of course fucked as usual.
You could save up and outright buy. Now a median household is 80k with 2 folks working looking at 800k anywhere near the jobs they work. With interest of course its more like 1.6M
obsoleteacct@lemmy.zip 1 day ago
I more or less agree. The home price to income ratio in the US bottomed out in '74 at 3.62-ish. A healthy economy is between 4 and 5. The peak of the housing bubble was 6.78. Today it’s around 7.05. We are beyond cooked and this lady is out of her mind.
That’s a legitimate frustration. We don’t need to pretend interest rates were at a record low for the boomers to validate that.