Quote:
Originally Posted by jimmyinvillages
I would recommend people who are blessed to have purchased homes decades ago with higher interest rates but MUCH lower cost of housing and more importantly income - housing cost ratio not do a tired take of 'back in my day rates were 15-18%!
With today's entry level cost of housing + interest rates + dollar depreciation + wages that haven't kept up with housing/education inflation, today's young people are understandably stressed.
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Today's high housing costs are precisely because people can borrow money. Without mortgages (or at least without significant down payments), prices escalate. This is because it becomes not "how much can you afford" but rather "how much can you afford to borrow".