Quote:
Originally Posted by afc wimbledon
Yes it weird but a cheap house in the eighties was harder to pay for, easier to get in on mind you as the down payments were smaller so you could save them up, but once you bought the sod you were immediately utterly broke and worried, not only could you not be sure of making the payments but you also couldn't sell the bastard either.
Today you know no matter how bad a decision you make you can at least sell the house, back then you had to declare bankruptcy
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Interest rate differential, I was but a young boy in the 80's but the interest rates were 19% or so, compared to the 2 to 3 percent in todays world, that is what is dramatically different. Yes I am captain obvious.
House prices were much lower though, my folks bought a $90,000 dollar house and it is worth well over $600,000 today. That sounds nuts just writing it, but they have invested in it very well.