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Interest rates are also high.
I had a mortgage in 2005 with 7.5% interest. The cost of homes is 2-4x as much now but I’m only making 20% more.
I had a mortgage in 1998 with 7.5%.
I do make quite a bit more now but I am not sure I would be able to buy my current house at today's prices (I refinanced when interest rates were low).
On one hand, I don't like when I read about 'astronomical interest rates' when I know the rates in the 70s, 80s and 90s were the same or higher than what we've had in the last 15 years. I'd prefer people understand that it's the wages not rising along with price inflation that's the issue.
This is exactly the issue I had. Infuriating as it is, I finally clawed my way up to a position where I could earn enough to buy a house and then COVID hit and destroyed everything... Now I'm back to having to live in someone else's garage, paying their entire mortgage payments in rent prices for the rest of my life...
"Fun."
I bought a place in 2019 that I could in no way afford at the current rates. The mortgage would be roughly $1000 more per month. Just not possible.