Quote:
Originally Posted by Incinerator
Depending where you are and what type of property you are in right now, I have a list of people who would give their left arm for that $1500 mortgage, if you actually have one. People do indeed take home much more than you think today vs. the mid 90s. Average homebuyer's individual income today is $60K, get a couple together that's $120K.
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So the family income of 120K now would have to be like 30K back then. I think you could've made that at 7-11 back then. Can two people pull $120K at 7-11 now? Maybe 60? Remember, mortgages then were $400-$500, not $1500-$2500 That's a huge difference.
I can see that people make more money now than ever, but still, for most part people have lost touch with reality. When you are a young person with no equity then the $1500 morgage is a huge liability. What if life happens and you need to live off of one income? It better be a big one or you're in deep.....
Anyways, I was just trying to point out how times have changed in the last 15 years or so. Mentality has changed too, nowdays everyone needs a 2500 sq ft house with all the bells and whistles, after all, what's another $500 or $700 mortgage when you're already paying 2K a month. Can't imagine paying that much $$$ for all these years, yikes, that can buy you so much fun...20K a year gets you two great vacations a year plus all the toys you ever wanted (resonable of course). And people willingly pay that for the roof over their heads....tough life.