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<blockquote data-quote="Bfishn" data-source="post: 352843" data-attributes="member: 2006">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.</blockquote>

[QUOTE="Bfishn, post: 352843, member: 2006"] 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. [/QUOTE]

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