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A comment on America needs carpenters and plumbers. Try telling that to Gen Z. Parent comment
1990(Q1) average home price $124,000
2020(Q1) average home price $329,000
1990 average interest rate 9%
2020 average interest rate 3%
1990 average monthly mortgage payment $998
2020 average monthly mortgage payment $1387
1990 Average Wage Index (AWI): $21,027.98
2020 Average Wage Index (AWI): $55,628.60
1990 average monthly mortgage as a percentage of AWI 4.7%
2020 average monthly mortgage as a percentage of AWI 2.5%
I'm stopping pre-covid as it doesn't seem like the real estate market has not had time to figure out the rapidly increasing interest/AWI rates.
All of the numbers are based on US numbers.
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1990(Q1) average home price $124,000
2020(Q1) average home price $329,000
1990 average interest rate 9%
2020 average interest rate 3%
1990 average monthly mortgage payment $998
2020 average monthly mortgage payment $1387
1990 Average Wage Index (AWI): $21,027.98
2020 Average Wage Index (AWI): $55,628.60
1990 average monthly mortgage as a percentage of AWI 4.7%
2020 average monthly mortgage as a percentage of AWI 2.5%
I'm stopping pre-covid as it doesn't seem like the real estate market has not had time to figure out the rapidly increasing interest/AWI rates.
All of the numbers are based on US numbers.