Quote:
Originally Posted by blueash
Therein is an important point about a huge difference in the American economy in the last 40 - 50 years. There is absolutely no way that a couple working mediocre jobs and part time jobs can afford a house, much less pay it off in 4 years. Home ownership used to be a major contributor to upward mobility. It no longer is an option for those without a good paying job, or two good paying jobs.
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Years back homes weren't McMansions. They were in the 1,000 to 1,200 square foot range and usually had no garage. The young people now want 3,000+ feet with a 2 or 3 car garage. Marble or granite counter tops, custom cabinets, hard wood flooring and on and on. All that costs mega bucks. A bunch of years back I sold real estate. The son and daughter-in-law of a friend had been married for a couple years and were living in an apartment. I found them a 2 year old house for $25,000 that was in excellent condition. It was 1,000 square feet, 3 small bedrooms, 1 and a half bath, with no garage on a small lot. You buy less than the maximum the mortgage company says you can borrow.