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.
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
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.
Nobody said that they had low interest rates
Yes they did. That’s where this discussion started. In fact it was stated “record low interest rates.” You’re going to have to read the parent comments if you want to jump in the conversation midway.
mojofrododojo@lemmy.world 5 months ago
valid