I remember those days like it was yesterday Retired Educator .
I suspect the car dealers are a LOT more responsive to the market swings. I tested the waters a few years ago (2018'ish) with the idea of trading in my 2009 F250 with about 100k for mileage. Both Eide and Bill Barf offered right around $10k. I laughed and walked out the door.There won’t be a housing crisis but there sure as heck will be a Used car bust! Dealers might go under when they are stuck with overpriced vehicles.
Its time to wake up america. You can start with this election --- be sure to start at the bottom cus that is where the shit is before it runs up the conveyor belt. Bismarck Fargo and Grand Forks as a city your turning blue. Instead of bashing Jeffrey on this site you may need that trumpo. Ha!!!
MYTH is what you talk about. Majority of the houses were small back then, we didnt have 50million restuarants nor could one afford to eat out like the america fattys do today, 2nd 3rd and 4th homes, gotta have a species boat, toon and a couple jet skis, 4 stall garages 3 cars per adult, 50 rifles, 50 baitcasters (shorrrrrttt).I think the thing most of you guys who are talking about the interest rates from the 70's and 80's are missing is how much faster home prices have risen than wages in that past several decades. Your buying power was much more back then. Could you have afforded those first homes if the price was more than double at those interest rates, because that's what buyers are facing today in terms of buying power compared to wages. So I do feel a bit bad for first time home buyers right now, it is tough and the uncertainty of the next few years has everyone in a holding pattern.
I've lived in my current home for 13 years, I've ran the numbers and if I bought my same house today my mortgage would be 2.5x more, not to mention needing another 40k for down payment. Even though I make quite a bit more money, and am a much better overall financial position than 13 years ago it would be a stretch to buy my same house again today.
Seems it's mostly relative, but I'm no economist. My parents bought their house in the mid 80's for 50k, probably would be 300k today. Doubt they made more than 20k at the time whereas now they'd make 150k if they hadn't just retired.I think the thing most of you guys who are talking about the interest rates from the 70's and 80's are missing is how much faster home prices have risen than wages in that past several decades. Your buying power was much more back then. Could you have afforded those first homes if the price was more than double at those interest rates, because that's what buyers are facing today in terms of buying power compared to wages. So I do feel a bit bad for first time home buyers right now, it is tough and the uncertainty of the next few years has everyone in a holding pattern.
I've lived in my current home for 13 years, I've ran the numbers and if I bought my same house today my mortgage would be 2.5x more, not to mention needing another 40k for down payment. Even though I make quite a bit more money, and am a much better overall financial position than 13 years ago it would be a stretch to buy my same house again today.
Interest rates going up so CD rates should be going up shortly. They already are 4.5 even for short term
You made me look. So here it is straight from the Bureau of Labor Statistics: https://www.bls.gov/opub/reports/womens-databook/2020/home.htmWhat people rarely talk about in the inflation discussion is the impact of two-income households. There used to be only one money maker per household back in the day. I'm not saying it is wrong that there are more married women in the workforce than before, but it has definitely added to overall long-term inflation to the point that raising a family on only one income is much more difficult.
What first time home buyer is making $150k to be able to afford that same house like your parents did at their age that’s now 300k? Not to mention now they are buying a 50-70 year old house that probably needs a fair share of updating.Seems it's mostly relative, but I'm no economist. My parents bought their house in the mid 80's for 50k, probably would be 300k today. Doubt they made more than 20k at the time whereas now they'd make 150k if they hadn't just retired.