June 04, 2024
The Price of Real Estate
Steven Roten
According to HUD, when I bought my 1st home in 1988 the average cost of a home in the US was $132,400. According to the Dept of Labor the average wage was $13,120 or 11.7% of the average cost of a home.
In 2023 the average cost of a home in the US was $426,056. The average wage was $59,384 or 13.9% of the cost of the average home.
The interest rates were much higher in 1988 then they are now.
All of this whining when todays wage represents over 2% more of the cost of the house not even considering the difference in interest rates? Even with today's Briben interest rates the sacrifice young people would have to make to buy a home is roughly the same as it was then.
Want to know the difference? Starbucks. Entitlement. Inability to defer gratification. Unwillingness to sacrifice to achieve goals. And our failure as parents! NOT ONE OTHER THING!
Time to grow up children and quit your whining! This is reality and always has been.
According to HUD, when I bought my 1st home in 1988 the average cost of a home in the US was $132,400. According to the Dept of Labor the average wage was $13,120 or 11.7% of the average cost of a home.
In 2023 the average cost of a home in the US was $426,056. The average wage was $59,384 or 13.9% of the cost of the average home.
The interest rates were much higher in 1988 then they are now.
All of this whining when todays wage represents over 2% more of the cost of the house not even considering the difference in interest rates? Even with today's Briben interest rates the sacrifice young people would have to make to buy a home is roughly the same as it was then.
Want to know the difference? Starbucks. Entitlement. Inability to defer gratification. Unwillingness to sacrifice to achieve goals. And our failure as parents! NOT ONE OTHER THING!
Time to grow up children and quit your whining! This is reality and always has been.
Posted by: Timothy Birdnow at
11:05 AM
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