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this post was submitted on 01 Jul 2024
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Housing Bubble 2: Return of the Ugly
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As a Gen-X'er, I had the same conversation with my grandparents 35 years ago.
"Why don't you just buy a house?"
"Do you know how much houses cost now?"
"Well, we bought our first house for $40,000."
"$40,000 isn't even a down payment now. Tell you what, here's how much I make, let's sit down with the real estate listings and you tell me what I can afford."
". . . Oh."
"Yeah, right, 'Oh'."
I did finally buy a house... 33 years later, a decade after they both died.
I've bought two homes with a price tag under 80k - most recently about 15 years ago (and it was a fixer upper to be sure) and sold it for about that 12 years ago. My first house I bought when I was 23. 27 years ago. I don't recall what I put down, but it was under $5k.
Which isn't to argue so much as just demonstrate that this varies wildly with location.
Not where my friends, family and human/voting rights exist.
You're literally the problem with the article. Just be less poor and go back in time. Suck a dirty dick please.
What are you talking about? I was responding to someone who said they couldn't afford a house 35 years ago with 40k down. It's only been in the last few years 40k wouldn't be enough and even that is only if you go conventional mortgage instead of one of the other programs.
3% down FHA $40k will purchase you a $1.2 million house.
If all you can afford is 40k down there's zero chance you can afford the 8k a month payments
That's not what he said. He said in a conversation that 40k wouldn't hypothetically be a down payment 35 years ago. I didn't say housing is cool today, I said that the conversation he had 35 years ago was very atypical and housing wasn't impossible to afford until relatively recently. No, the experience of Gen X 20-30 years ago shouldn't be compared to the experience of today as if they were the same.