Re:For first time since 1880s, more young Americans live wit...
by UncleOxidant on Wednesday May 25, 2016 @01:07PM
(#11771323)
> Much of that wealth has been accumulating outside the US, though, particularly in India and China.
But from a US perspective we seem to be poorer now.
> With interest rates as low as they are you could definitely get into a 1500 sq ft. house by age 26 today. You just can't do it in the places many 26 year olds want to live.
I bought that house in a place where 26-year-olds want to live (a West Coast city). Interest rate was 10%, but I was able to pay off the mortgage in 9 years. I don't think a lot of 26-year-olds are in that position these days. Too much student loan debt and houses much more expensive as compared to incomes.
But from a US perspective we seem to be poorer now.
> With interest rates as low as they are you could definitely get into a 1500 sq ft. house by age 26 today. You just can't do it in the places many 26 year olds want to live.
I bought that house in a place where 26-year-olds want to live (a West Coast city). Interest rate was 10%, but I was able to pay off the mortgage in 9 years. I don't think a lot of 26-year-olds are in that position these days. Too much student loan debt and houses much more expensive as compared to incomes.