re: So all I need to do to afford a $750,000 house

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You know back in 1982 you could put a dime in a gum ball machine and every 10th gum ball that came out had a house deed wrapped around it.

That's how easy it was to buy a house back then.

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It was an analogy...

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I wonder how much money that made the "bootstrap generation"

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or ZIRP?
Then again we're looking at a decade of record low mortgage rates which should have been a jump in opportunity for first time purchasers. Starbucks and other generational interests surely did well during that time. SBUX was up 15x. So there was 20-something/30-something money being spent. It just wasn't being spent on historic mortgage opportunities. That is not someone else's fault, scotty.

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It was an analogy...

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You don't really know what an analogy is.
You meant it was hyperbole.

But what is actually was is simply clueless.

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Why did you ask Chat GPT a question different question than the one I asked and then reply to me as if it has answered my question?

Are you volunteering to answer my question?

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Because your question isn't the right question to ask, and I didn't want to hurt your feelings by pointing that out.

If you're wanting to compare affordability, you need to compare apples to apples. That the "median home" has become substantially bigger and feature-rich is a different discussion. The fact is, the home boomers started with is just as affordable to your generation is it was to them and all the whining just makes you guys look like you've been duped by the same f'n people we spend day/night in these threads chastising.

Year-----Med Inc---Med Hm---Int Rate------Pmt-----% Mthly Inc
1979------11800------38100------9.05------307.93------31.32%
1981------22390------68900------16.63----961.62------51.54%
2024------77540------419200------6.7------2705.01----41.86%

In 2024 median home was 2200 sq ft where it was 1645 in 1979. Price per sq ft in 1979 38.24 in 2024 it is 190.54. Comparing same size homes we get this for 2024
2024------77540-----313454------6.7 ------ 2022.65-----31.30%

Taking media price of 313454 and dividing by median salary of 77540 in 2024 we get 4.04 years. Doing the same for 1981 we get 3 years. However, in 1981 borrowers paid 10% more per year for the home. Interest rates didn't get to the 6% range until 2000 or so. In those 19 years, borrowers from 1981 would have paid an additional 6K per year to their loans (due to the higher interest rate) or approximately 100% of the original loan ammount. Assuming both groups keep the homes 19 years, the 1981 borrower will pay 100% more (due to the additional 10% interest per year). The additional ~65K due to the higher interest will be an additional 3 years median salary.

Giving us a total of 6 years of median salary to earn the value of the median home then (with the additional interest that had to be paid). Where it takes people today 4.04 years to do the same (without the additional interest having to be paid).

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So all I need to do to afford a $750,000 house

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Can someone help me out? Where does goldennugget live? Are there places cheaper than $750,000 in his metro area?

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Can you show me the math that led you to this conclusion?

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Financed 100,000 on a 120,000 build cost. 1900 sf custom build (my design)

On the calculator it has payment of 1,252. It’s been a long time but seems like it was 1300-1400, but that was a long time ago and my memory isn’t what it was. My wife and I had a combined income of about 80k. No daycare, MIL kept them.

Fast forward to now. Bought a house last year, financed 220k on a 320k purchase (1900 sf track builder house built in 2023). Didn’t pay for it outright because we wanted to get liquid for what I expect to happen. Payment is 1730, last year’s income just under 200k

Equivalent house size, fairly close on age. 80k went further as far as gas/groceries, but leaving taxes out of the equation that’s still a bigger chunk of the income that also has to allow for 2 car payments. Interest rates on those were high too which constantly gets overlooked.

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Yes, but the commute is too long and it’s not as nice as what their 65-year-old boomer parents have right now. So therefore it’s a shite hole far below their standards and life’s not fair. That about sums up all 19 pages.

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You are not wrong.

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Interesting how all the boomers here claim to have entered into a new 30 year mortgage during a deep recession and after rates had skyrocketed.

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Even more interesting is how all those here that still have milk foam on their upper lip from momma's teat complain about how they have it so much worse.