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re: Latest Updates: Russia-Ukraine Conflict
Posted on 5/2/24 at 8:16 am to VolSquatch
Posted on 5/2/24 at 8:16 am to VolSquatch
quote:
Now do housing
1980 housing is mostly hood rat size for today. Housing today has fancier and more costly appliances too.
Apples to oranges once again. Mortgages are way less expensive than 1980 even at today's higher rates.
Once again you fail to understand that the cost of money is a major factor in final cost.
1
Posted on 5/2/24 at 8:29 am to CitizenK
Housing costs to income ratio is at record highs
And build quality is lower.
Housing to income ratio is apples to oranges?
Real median household income per the census:
1985: 56k
2022: 74k
Mortgage on an average home at the rates in that year:
Rates are higher now than they were in 2022, but we will go with what we have from the census for the comparison
1985: $531 per month
2022: $1869 per month
13% rate in '85 (I actually rounded up)
5% rate in '22 (rounded down here)
So a mortgage costs 3.5x and median household income went up .5x
quote:
Housing today has fancier and more costly appliances too.
And build quality is lower.
quote:
Apples to oranges once again
Housing to income ratio is apples to oranges?
Real median household income per the census:
1985: 56k
2022: 74k
Mortgage on an average home at the rates in that year:
Rates are higher now than they were in 2022, but we will go with what we have from the census for the comparison
1985: $531 per month
2022: $1869 per month
13% rate in '85 (I actually rounded up)
5% rate in '22 (rounded down here)
So a mortgage costs 3.5x and median household income went up .5x
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