Life was simpler for you because your parents took care of you. For men graduating high school in 1970, the draft and the Vietnam war loomed large.
In the 70s gas prices were insane, heavy industry manufacturing started to collapse and between 1973 and 1975, there was an average of five terrorist bombings, every day in the US.
The median house of 1960 would cost just $104,619 in 2020 dollars, far below the actual cost of $240,500, meaning housing costs have increased by 129%.
Homes have become less affordable: In 1960, approximately 68 out of 100 Americans could afford a home, but now only around 43 out of 100 can afford one.
Among 18 to 34 year olds, nearly twice as many people live at home with their parents in 2020 than in 1960.
Even in the 90s when the rates were in the teens more people owned homes.
The average age for first time home owners has gone up a lot as well.
Low rates do not equal more affordable housing, they end up pricing people out of the market at a much greater rate.
Life was simpler for you because your parents took care of you. For men graduating high school in 1970, the draft and the Vietnam war loomed large.
In the 70s gas prices were insane, heavy industry manufacturing started to collapse and between 1973 and 1975, there was an average of five terrorist bombings, every day in the US.
Mortgage interest rates were in the high teens
And it kept the price of houses affordable. The interest rates today are stupid low and are what caused the shit market we have now.
Sure pal… houses were not any more affordable. The cost of the property where low but the monthly payments were completely out of reach…
No they were not, that was the last time most younger people were able to afford homes.
https://www.thezebra.com/resources/home/housing-trends-visualized/
Even in the 90s when the rates were in the teens more people owned homes.
The average age for first time home owners has gone up a lot as well.
Low rates do not equal more affordable housing, they end up pricing people out of the market at a much greater rate.