Re:Experienced well-being rises with income, even above $75,...
by sokoloff on Sunday January 24, 2021 @03:42PM
(#25895751)
That $163K house in 2000 at 8% mortgage rate cost you $1196 in principal and interest.
That $324K house in 2020 at 3% mortgage rate costs you $1366 in principal and interest. (assuming 100% financed, decrement both amounts as you see fit)
That's only a 14% increase in monthly payment over 2000, while general inflation has increased by 56% over that same time (all using your figures above, with the exception of researched mortgage interest rates for 30-year fixed mortgages). I'm not saying it's not hard now, but it wasn't easy then either. Life has pretty much always been a struggle for most people.
That $324K house in 2020 at 3% mortgage rate costs you $1366 in principal and interest. (assuming 100% financed, decrement both amounts as you see fit)
That's only a 14% increase in monthly payment over 2000, while general inflation has increased by 56% over that same time (all using your figures above, with the exception of researched mortgage interest rates for 30-year fixed mortgages). I'm not saying it's not hard now, but it wasn't easy then either. Life has pretty much always been a struggle for most people.