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Economy

progree

(12,092 posts)

6. Median house price was 3x median income in the 80s, it's close to 7x now

Reply to mahatmakanejeeves (Original post)

Tue Jul 12, 2022, 12:54 PM

Jul 2022

https://www.democraticunderground.com/100216658196#post8

Something to keep in mind when someone posts about how tough the boomers had it in the 80's.

Also not many people were paying the sky-high interest rates some people cite. I bought a house in June 1980. About 2/3 of it was financed at 9% (I assumed a mortgage) and the rest at 12%. While that combination (10.0%) is almost double today's rates; like the title says, house prices were less than 1/2 what they are now when expressed in terms of median income.

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Highlight:

Rising interest rates are crushing the US housing market: Morning Brief [View all] mahatmakanejeeves Jul 2022 OP

Which is more important: no_hypocrisy Jul 2022 #1

Let me think here, housing prices rising 10-20% a year - NoMoreRepugs Jul 2022 #2

again, tell me something that I didn't know stopdiggin Jul 2022 #3

People forget that... VMA131Marine Jul 2022 #4

There's also this: investment groups are buying inventory, often with cash Auggie Jul 2022 #5

Median house price was 3x median income in the 80s, it's close to 7x now progree Jul 2022 #6

What a great DU sub-forum (group) WarGamer Jul 2022 #7

There's a Personal Finance and Investing group too. mahatmakanejeeves Jul 2022 #8