Re:'Nobody My Age Can Afford to Stay Here Forever'
by grey-area on Tuesday February 24, 2015 @07:49AM
(#9100198)
Given wage inflation over 40 years her salary would not be the same. Given asset inflation I'd expect the house to go up say 4x. Prices in London have been frothy recently, but as someone in a similar situation it is possible to buy in a nice area if you compromise on some things first time - either garden house/flat, or area. If you are in the top 10-20% (as many posting here are) there are lots of options in London for a good quality of life. Personally I would rent right now, save and await a correction.
It's interesting that growing up in London my single-parent mother on an income between 40-50k managed to buy a house and raise two kids. We lived comfortably.
That house is now worth 6x more than the price she payed. Her salary today (she's retired) would be almost the same. That's why I can't imagine doing the same thing she did, even on a 2x salary.
I'm not complaining, just thinking out loud.