Quote:
Originally Posted by FlyingScot
I hope you're kidding. I didn't mean to suggest there was fault involved, and this empty nester has plenty of square footage, so it would be hypocritical of me to point fingers. But it is a pretty basic set of facts that the children of boomers are looking at much tougher economics than we were 30 years ago, and a huge driver of that is the real estate gains that we have made collectively.
The lake economics are a screaming example of that, as John's link points out. I thought my Winni house was a once in a lifetime reward that made no financial sense. Wrong! My splurge would be a huge windfall if I sold. It's as if I've been using it for free.
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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.