/biz/ - Business & Finance

>>57297518
You're seeing it now - mortgage originations are at a 20 year low. Home values are roughly 4x a family's income

From 1980-1985 mortgage rates were 12-18%, this was enough to deter people from taking them out

Baby Boomers were born 1946-1954, so when they got to the ages where they wanted to buy a home (26-34), they either had to pay cash or borrow from the bank at ~15% interest

Median family income was in 1982 was 23k, median home price was 69k, so homes were 3x a family's salary

Today, median family income is 99k, while the median home price is 387k, or 3.9x a family's salary

But go on and tell us about how "Boomers" had it so easy, how they could get a McJob and raise a family in a big beautiful house on a single income, even though the percent of dual income households is lower now than it was 35 years ago

>>56406862
Dual income housholds have only risen from 49% to 66% since 1970.

>>56136194
Because the majority of households have both parents working.

If you are trying to buy a home for yourself on a single income, you are in the minority.