Quote:
Originally Posted by Biggd
I don't believe that for one second. When I bought my first house in the 80's interest rates were 18%. I worked 100 hours a week to afford it. Were prices cheaper, of course they were but it was not easier!
I'm sure they will be saying the same thing 40 years from now when the average American home in the US is 3 million or more.
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I don't mean to diminish your personal experience, there are very few strong enough to work 100 hours/week, and you deserve your reward. And definitely 1985 was one of the very worst times to take out a mortgage
But stepping back from your first house or my second house as one-off examples, you don't need to believe me. There are 100 places you could look for this info. Here's one set of broader data--30 years ago (one generation) the median home price to median income ratio was 4.4, today it is 7.6.
https://www.longtermtrends.net/home-...ehold%20income.