Quote:
Originally Posted by vintageogauge
Prices were more reasonable but incomes were much lower, We bought our first home in 1969 and had a 9% mortgage with 20% down, and it also took about 30% of my take home pay, maybe a little more.
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I remember buying my first home in 1967 for $27,000 in a subdivision off Franconia Road in Alexandria, VA, assuming a 5+ % loan. I sold it for a $5000 gain and bought another down near Mt Vernon for $42,500, a model house full of furniture. Got a 6% loan on it in late February 1968 just before the Virginia usury law changed, allowing interest rates to rise and boy did they!
On Capitol Hill in 1968 I bought a small four unit apartment building on C St SE near the Library of Congress for $28,000, the seller taking back a 6% mortgage. I then bought the six unit building behind it on North Carolina Avenue, also seller financed but I do not recall the details off the top of my head. Wish I had kept them both!