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re: interest rates on home mortgages wont fall anytime soon
Posted on 7/25/23 at 4:11 pm to Grad92
Posted on 7/25/23 at 4:11 pm to Grad92
The issue now isn't the rates, which are still reasonable relative to historic norms, it's that house values have skyrocketed. The value of a dollar, or purchasing power (per CPI-U) is half of what it was in 1995. Based on that you'd expect home prices of roughly double the 1995 average of ~$158,000, or about $316,000. However, the average home price now is $516,500, driven by some wonky supply/demand dynamics. Regardless, single family home ownership just isn't in the cards for the average American anymore.
This post was edited on 7/25/23 at 4:12 pm
2
Posted on 7/25/23 at 4:15 pm to TideCPA
quote:An excellent explanation, yet people in this thread still think the current generation needs to suck it up because they also had an 8% rate.
TideCPA
Posted on 7/25/23 at 4:31 pm to TideCPA
quote:
The issue now isn't the rates, which are still reasonable relative to historic norms, it's that house values have skyrocketed.
Joe Biden, would say that wages have gone up to compensate.
I mean, yeah, if you're making $50/hr, then you're okay. But for a lot of people, they are nowhere near that.
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