Quote:
Originally Posted by Shipping up to Boston
In a perfect world what you say makes sense. Just one part i would offer a different view....in the 50's my grandparents bought their house for 17k, my sibling bought theirs in the early 80's for 56K. Boston mind you. Both sold recently for 1.1 mil and 1.3 mil respectively. You just dont see that kind of appreciation (at least in that region) anymore. A million up north is the starting point and its a bidding war, usually for a postage stamp property. So does that mean in 60, 40 years using that standard....those same homes will appreciate to 15, 20 mil? Of course not. There will be a huge bubble burst. Much harder road for young people...doesnt mean we worked any harder, or less....its just a different playing field. imo
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Exactly. My middle daughter and her husband both have good jobs (both 6 figures +), save like crazy and have a very nice nest egg set aside to buy a home. No student debt for either of them, both funding their 401Ks for retirement...
Unfortunately, they are looking in Arlington, VA, where a "fixer upper" is $750-$1 million...
Yes, they could afford the low end of that, but their mortgage payments would be $6K/month... And that doesn't include remodeling of the very dated homes...