Don't Make it Harder - Vox Popoli
At least, not any harder than it’s going to be. Karl Denninger, a genuine American hero who saved more lives than anyone else I’ve ever known, warns those under 40 that they’ve never seen the sort of economic challenges that are heading their way: You’ve n...
Eh if you kept a job in the late 70s / early 80s and paid off your house you did great. With 13% interest, the resulting house prices you could afford to take a 15 yr loan on and pay it off.
I'm not saying it's great. I'm saying there are people who do well in every time period. It may just be harder to do. The people who drive the business cycle certainly profit on both ends.
My grandparents built their house in ~1950. They sold it 1990 for I think $70k, and they thought they got a great price for it.
It sold again in 2004 for ~$200k. Wow, that’s a big increase in less than 15 years!
House most recently sold in 2021 for $550k.
Today, the zillow estimate is just shy of $700k.
This is a 75 year old house, ~1500 sq ft, 3 bed, 2.5 bath. Less than half an acre, nice neighborhood, good location, etc., but still, it’s just nuts.
The housing market is insane as is the rental market. Doesn't help that everything being built nowadays is a McMansion with no yard. When I was still looking for a home I was actively looking for an 80s style house with an 80s style yard. They don't appear to build those anymore, at least not in big enough numbers to matter.