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Message
re: interest rates on home mortgages wont fall anytime soon
Posted on 7/25/23 at 4:29 pm to doubleb
Posted on 7/25/23 at 4:29 pm to doubleb
How much did you pay for that home in 1981?
Let’s get those numbers to determine who is actually blessed. Imma go out on a limb and say it isn’t who you think it is.
Let’s get those numbers to determine who is actually blessed. Imma go out on a limb and say it isn’t who you think it is.
1
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.
Posted on 7/25/23 at 4:34 pm to doubleb
quote:
You have no clue.
Boomers buying homes in the mid to late 70s and early 80s paid high interest rates. 9-12% depending on when they purchased a home.
I bought my first home In 1976. I put down 20% and got my rate “down” to 9-1/4 %. In 1981 I bought another home and mr interest rates was over 11%. You are blessed and don’t even know it
Tell us the purchase price om these homes
Posted on 7/25/23 at 4:34 pm to el Gaucho
quote:
It’s so unfair how boomers had like 0 interest rates and back in the 90s and 00s they even had “subprime” mortgages where the interest rate was less than 0 and they got paid to borrow money
What do the boomers do when millenials try to buy our first houses? They jack up the interest rates sky high
Just quoting this for the sheer stupidity of it.
Posted on 7/25/23 at 4:35 pm to LNCHBOX
A lot of posters are being pretty disingenuous. I remember in '81; a new construction 3 bed 2 bath in a new neighborhood was about $60k.
Posted on 7/25/23 at 4:36 pm to kywildcatfanone
quote:
Just quoting this for the sheer stupidity of it.
Just quoting this for the sheer stupidity of someone here as frequently as you taking el gaucho seriously.
Posted on 7/25/23 at 4:37 pm to LNCHBOX
quote:
Tell us the purchase price om these homes
considerly lower than today's home prices. but pay scales were too.
Posted on 7/25/23 at 4:38 pm to Coldcushcush
quote:
considerly lower than today's home prices. but pay scales were too.
Compare the purchase price relative toe wages adjusted for inflation and tell me which one has gone up more.
Posted on 7/25/23 at 4:38 pm to LNCHBOX
Posted on 7/25/23 at 4:41 pm to Coldcushcush
quote:
considerly lower than today's home prices. but pay scales were too.
I mean, a new car was something like $20k in '81. Which was pretty frickin ridiculous. Especially, considering how shitty they were. That being said, we didn't buy new cars.
I mean, most things were somewhat high, but you didn't replace them constantly. Like I remember buying a nice console TV (27") for $750. It was a lot, but it would outlast most appliances today. Same for everything.
Posted on 7/25/23 at 4:42 pm to Sun God
I don’t think there is even a market for the type of home I first purchased in 1999.
1500 sq ft, vinyl siding, builder grade everything, tiny lot, no granite/stainless steel etc.
It cost 89k and my interest rate was close to 9% if I remember correctly. Wife and I made maybe 50-60k combined.
1500 sq ft, vinyl siding, builder grade everything, tiny lot, no granite/stainless steel etc.
It cost 89k and my interest rate was close to 9% if I remember correctly. Wife and I made maybe 50-60k combined.
Posted on 7/25/23 at 4:44 pm to Ricardo
quote:
a new car was something like $20k in '81
What kind of vehicle?
Parent’s Z28 in early 80s cost half that
My Pawpaw’s Silverado Z71 cost 22 grand in 1993
This post was edited on 7/25/23 at 4:52 pm
Posted on 7/25/23 at 4:44 pm to el Gaucho
quote:
Boomers tell us to pull ourselves up by our bootstraps but you can’t get bootstraps for less than 7% interest
That's what I paid for my first two houses. The sub-3% bullshite was artificial and unsustainable.
Posted on 7/25/23 at 4:45 pm to Sun God
quote:
a new car was something like $20k in '81 What kind of vehicle?
From Google:
New Nissan Stanza, Datsun: $19,807.43
New Dodge Colt: $18,366.35
New Volkswagen Rabbit, Diesel: $22,224.05
Used 1979 Pontiac Trans Am: $23,718.51
Used 1978 Buick Regal: $17,189.17
Used 1977 Pontiac Bonneville: $11,857.77
Posted on 7/25/23 at 4:48 pm to Dawgfanman
Which site did you pull that from after googling it?
It doesn’t seem close to reality
It doesn’t seem close to reality
This post was edited on 7/25/23 at 4:51 pm
Posted on 7/25/23 at 4:48 pm to Bayou_Tiger_225
quote:
How much did you pay for that home in 1981? Let’s get those numbers to determine who is actually blessed. Imma go out on a limb and say it isn’t who you think it is.
Ya’ll were blaming me for interest rates not the cost of homes.
I paid $346.00 for a 19” RCA XL 100 in 1973.
Paid on time. It took me two years. What can you get for 346 dollars now?
I built the 82 home myself so I saved money.
My starter home was $36,600.00. 1600 square feet with a nice yard. I did my own landscaping. I didn’t have cable, internet connection, fire alarm system, security system, and all the amenities available now.
Sure a 1600 square foot home would cost way more than that now, but salaries are much higher now.
Posted on 7/25/23 at 4:53 pm to Sun God
quote:
Which site did you pull that from after googling it?
Something called “gobankingrates.com”. In reviewing it, appears these are “adjusted prices” reflecting what they cost in “todays dollars”. Seemed off to me as well, which is why I looked it up. The first “newish” vehicle I bought myself was a 1996 GMC Sonoma, 2 door, stick..slightly used (under 10k miles) paid about 10k if I remember correctly.
Posted on 7/25/23 at 4:54 pm to doubleb
quote:
but salaries are much higher now.
They are not. Wages are always behind. Which is what everyone is banging into this thread.
Basically this:
Or a few more sources:
I don’t like millennials bitching, but here they have a point. Wages are stagnant and have been for some time.
This post was edited on 7/25/23 at 4:59 pm
Posted on 7/25/23 at 4:54 pm to Dawgfanman
Ah that makes sense
Posted on 7/25/23 at 4:54 pm to Coldcushcush
How much did you pay? We can quickly do the math and see who is right or not?
The median house price in 1981 was 69K, which would be the same as a 221k house in 2023. The median home price in 2023 is 416K.
The median household income in 1981 was 25k, so about 1/3 of the cost of the home. The median household income in 2023 is 80k, which is about 1/5 of the cost of the home.
The median house price in 1981 was 69K, which would be the same as a 221k house in 2023. The median home price in 2023 is 416K.
The median household income in 1981 was 25k, so about 1/3 of the cost of the home. The median household income in 2023 is 80k, which is about 1/5 of the cost of the home.
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