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re: Cool graphic showing decline in labor hours required to buy home stuff: 1979 vs now: wow
Posted on 10/13/18 at 1:04 pm to EA6B
Posted on 10/13/18 at 1:04 pm to EA6B
quote:
That is the typical house myself and most of my friends grew up in in the 60s-70s, parents today consider having sibling share a bedroom the equivalent to living in poverty.
We lived in a 1500 sq ft home with a family of 5 when I was a kid. My sisters shared a room. We weren't poor at all. Dad was pretty frugal. He also retired at 55 with no pension.
1
Posted on 10/13/18 at 1:05 pm to HailHailtoMichigan!
None of that is accurate
Posted on 10/13/18 at 1:07 pm to fallguy_1978
Food prices are lower than they were in the 70s
Posted on 10/13/18 at 1:09 pm to RogerTheShrubber
quote:
Houses are much much larger.
and much more expensive
Posted on 10/13/18 at 1:15 pm to bmy
quote:
and much more expensive
Average home price in 1979 was $71,800 according to census link below (sorry it's a pdf link). Adjusted for inflation that's about 250k. Unless you live in an expensive real estate market, that will buy a decent home in many areas. If you can't afford where you live, move somewhere where you can.
census. gov
This post was edited on 10/13/18 at 1:24 pm
Posted on 10/13/18 at 1:20 pm to fallguy_1978
I grew up in a house built before the civil war. I was in the side of the house where there was no heat source, we only had one furnace, and the fireplace, and they were in same side of the house.
I used a heating blanket in the winter, and would have to scrape frost from my mirror. Old house, no insulation.
I never knew any different though, so it was all good.
I used a heating blanket in the winter, and would have to scrape frost from my mirror. Old house, no insulation.
I never knew any different though, so it was all good.
Posted on 10/13/18 at 1:27 pm to OweO
quote:
What is the quality of the product today compared to 1979?
American cars and trucks today are much higher quality and will last 3-4 times longer than American vehicles from the 70s. Vehicles going over 100K miles then were the exception, today it is the expected norm. Also vehicles today require much less maintenance, tires today last much longer than the 70s.
On the other hand all consumer electrons and appliances offer many features, but are crap and generally thrown away after a few years.
Posted on 10/13/18 at 1:31 pm to bmy
quote:
Houses are much much larger.
--------------------------------------------------------------------------------
and much more expensive
You're going to pay more for a 2000 sq ft home than a 1000 sq foot home, no doubt.
Posted on 10/13/18 at 1:36 pm to HailHailtoMichigan!
People are overestimating how much shittier products are now, and underestimating how much better a lower cost of entry for these products is for humanity. A cheap arse microwave means a poor person can buy one RIGHT NOW and spend more time working and less time doing domestic duties. Who cares if a microwave that costs 20 times more lasts forever if you could never buy one and never know the convenience of nuking a quick meal?
Posted on 10/13/18 at 1:38 pm to fallguy_1978
quote:
A 50k home in 1979 adjusted for inflation would be about 180k today. You can still buy a home for 180k. It might not be as big as you want or where you want but that's a reasonable home price in many areas of the country
Houses in Monticello probably cost 50k in 1979.
Posted on 10/13/18 at 1:40 pm to eScott
quote:
Houses in Monticello probably cost 50k in 1979
I had a lot of friends in that neighborhood as a kid. I'm from Central. That was a great neighborhood back in the day. Sucks what it has become.
Posted on 10/13/18 at 1:40 pm to fallguy_1978
quote:
Average home price in 1979 was $71,800 according to census link below (sorry it's a pdf link). Adjusted for inflation that's about 250k. Unless you live in an expensive real estate market, that will buy a decent home in many areas. If you can't afford where you live, move somewhere where you can.
$71,800 - 20% down payment = 57440
11.2% rate = monthly note of $556 = 84.6 hours
Current:
$200,000 - 20% down payment = $160,000
4.75% = note of $835 = 39.61 hours
The high interest rates were a killer.
Posted on 10/13/18 at 1:44 pm to HailHailtoMichigan!
Now lets compare warranties and how often you have to buy those items once they break .
.Posted on 10/13/18 at 1:46 pm to Bestbank Tiger
quote:
The high interest rates were a killer
Younger people that have spent their entire adulthood with low rates are going to freak out when they see what a 7% mortgage rate does to their payment. A 6.5-7% rate was pretty standard in the early 00s.
Posted on 10/13/18 at 1:49 pm to fallguy_1978
quote:
I had a lot of friends in that neighborhood as a kid. I'm from Central. That was a great neighborhood back in the day. Sucks what it has become
Same here, I grew up not far from it. It was sad to see it all go down.
Posted on 10/13/18 at 2:22 pm to HailHailtoMichigan!
Chinese products are cheaper. No jobs for Americans to pay “less”
Posted on 10/13/18 at 2:24 pm to fallguy_1978
quote:
Younger people that have spent their entire adulthood with low rates are going to freak out when they see what a 7% mortgage rate does to their payment. A 6.5-7% rate was pretty standard in the early 00s.
My first mortgage in 1984 I assumed from the seller at 9.9%, the actual rate for a 30 year fixed was around 15%. All the financial gurus were saying if you don't buy a house now you will never be able to afford one. Several houses later in the 90s I got a mortgage at 6.75%, it felt like I had stolen the money. The financial wizards at the time said borrow as much money as you can, interest rate can only go up from here, and will never be this low again. The one lesson learned from all of this is economic forecasting is pretty worthless.
Posted on 10/13/18 at 2:33 pm to HailHailtoMichigan!
A lot of the price decrease has to do with foreign imports and globalization. I'm fine with it if it makes my standard of living higher.
Posted on 10/13/18 at 2:58 pm to fallguy_1978
quote:
Health care and education are the only things in that list that have far outpaced inflation.
Well that’s straight up false. There have been studies by universities that have proven otherwise
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