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re: WSJ Piece: Young Americans Are Getting Left Behind by Rising Home Prices, Higher Stocks
Posted on 4/27/24 at 3:21 pm to Civildawg
Posted on 4/27/24 at 3:21 pm to Civildawg
quote:
But when you think about it, the current 7% to 8% if what 80s and early 90s babies' parents were used to as the norm.
Well yeah, but home prices for a starter home were like $75k not $300k. Huge difference when your interest rate is 7%
Hate to break it to y'all but $75K in 1980 = $300K today
3
Posted on 4/27/24 at 3:41 pm to flyingtexastiger
quote:
Hate to break it to y'all but $75K in 1980 = $300K today
The average family's lifestyle is significantly inflated today vs 40+ years ago too.
I'm not arguing that there haven't been structural issues with our system either, but this is definitely a contributing factor.
Posted on 4/27/24 at 4:47 pm to flyingtexastiger
quote:
Hate to break it to y'all but $75K in 1980 = $300K today
In 1980 flat, $284k, but sure. $75k in 1990 when my parents bought their starter home? $179k.
As I’ve mentioned on here before, they bought a house nearly new in what was then, and is now, a fairly shitty part of Lafayette. It’s currently worth more now today, adjusted for inflation, than it was when they bought it, and it’s now 35 years older and more run down, surrounded by equally old and run down houses.
Now, this isn’t a personal gripe for me. I own my own home, but my household income is also significantly higher than the median. My point is that “kids these days just want to keep up with the Joneses” is bullshite as an explanation for why young people can’t afford to buy homes.
This post was edited on 4/27/24 at 4:53 pm
Posted on 4/29/24 at 6:06 am to flyingtexastiger
quote:
Hate to break it to y'all but $75K in 1980 = $300K today
People were having the same conversations in the early 80’s. Comparable homes were 8-10x what they cost in the early 60’s, rates were close to double digit versus low single digits in the early 60’s, and wages were still a bit behind. It’s cyclical.
The one difference I notice now a lot of first time homeowners are less likely to want to purchase a fixer upper vs 30-40 years ago.
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