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Re: Speaking of housing affordability
[Re: coldtrail]
#4141903
06/03/24 01:31 PM
06/03/24 01:31 PM
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Joined: Jul 2011
Posts: 37,430
Boxes Cove
2Dogs
Freak of Nature
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Freak of Nature
Joined: Jul 2011
Posts: 37,430
Boxes Cove
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Now vs 1980 per the interweb
2024
Average salary $63,000.
Average home price $395,000.
Square footage 2500 (158.00 sq/ft)
$13,600 per person (2022 number)
1980
Average salary $20,000
Average home price 47,200
square footage 1500 ($31 sq/ft)
Health care per person $1067 per person
I know housing is up but look at the healthcare cost. If that cost reasonable it would help with housing.
Back in the late 80s and early 90s the rule of thumb was mortgage co. would loan 2 1/2 X you gross combined income. That 2024 figure would take about 6X! People think interest rates are high now late 80-s early 90s they were 8-12%. I Got my first and only home loan fall of 91 , rate for a 15 year loan, 8.5%.
"Why do you ask"?
Always vote the slowest path to socialism.
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