@nateloans: With a Corvette parked outside is insane . . . #costofliving #housingmarket #boomer

NutzD33P :

$100k in 1981 was a LOT of money.

user6090604076861 :

Nope. I bought my house in the the rural Smokies of North Carolina in 1981. We were DINKs and both worked in healthcare. We didn’t buy in the Northeast (Rhode Island) because there were no jobs and we couldn’t afford to. People relocated for jobs and affordable housing then, too. 1981 wasn’t some economic paradise: we’d been through the oil shocks and stagflation, inflation was still high, mortgage rates were brutal, and the country entered the severe 1981–82 recession. Manufacturing and construction were getting clobbered. The following decades brought mergers, plant closings, automation, outsourcing and the shift away from traditional pensions toward 401(k)s and IRAs. Yes, houses were cheaper relative to income in many places than they are today. That’s a legitimate problem. But “they gave houses and jobs away to anyone” is nostalgia masquerading as economic history

︎ :

now thats 30mil

Michael :

back when they didnt have the credit score system.

Brian :

only thing is houses made in 1950 need new roofs new plumbing that's an arm and a leg itself

🐌 :

My dad bought a 4 bed 2 bath home for 80k in early 2000s, it's now worth almost 500k 💀

youngvlad24 :

Literally couldn’t give houses away back then same with cars n jobs wat a time it must’ve been to be alive back then and no technology bummin u down must’ve been amazing

pauljames403 :

Yep. 1981. They sent me it to the subdivision and said just pick yourself a house out, and then gave it to me. Then they sent me over to Simpson Sears to pick out all the furniture and appliances. Didn’t cost a penny. It was great back then.

notgnilra :

I’m calling BS my dad paid 180 with 14% in Carlsbad NM

goober :

A $100,000 was a lot of money in 1981 especially at 14% interest, since the median price was 68,000.

free.couch :

just for reference, my parents built their house in 1992, 2 acres and a 3 bedroom house, $350k... so not like shit changed yesterday bud

davidciaburri1 :

you don't need a college degree to be successful. what a college degree does is delay your ability to be independent

SB_L5P :

My grandparents spent 45k in 1985 on a beautiful 3 acre property, it’s my dads now and was appraised around 1.2mil

Dupper :

100k is an expensive house in 1980

Average Sludge Enjoyer :

I mean there was also a lot more empty land and people generally made around less than 3 dollars an hour in that time period.

lungrqpyjjf :

16 percent interest rates btw

Andore :

I Know a 60yo man from California who told me how he manage to get go to college, get marry and starting his family all at the same time, while working in an ice cream store.

tag_0815 :

I remember 1983 and houses were falling from the sky. It was treacherous. Luckily I ran track.

user6812613699064 :

I’m still living in my free house.

Chris Glover :

Bad example. Based on median income and interest rates in 1981, that mortgage payment would be 47% of gross income. Today the median mortgage payment is only 31% of gross income.

lungrqpyjjf :

16 percent interest rates average down payment was 20 to 30 percent. with 20 percent down 100k house over 30 years is close to the same payout of a 225k house now with 7 percent interest and a 5 percent down payment.

jondow :

socovmercr :

It’s easier to blame the previous generation than to take a good look at your own life, or the economics of today. Why does the generation who complains about the boomers never ask what happened to the value of the dollar?

shelgen :

Well, it’s 1981 and areas have built up drastically since then. When we built our house 25yrs ago, we were in the country. Since then, they built a major road with every kind of restaurant, Costco, grocery chain and such right down the road. Our property skyrocketed because of DEMAND, not because of us. Remember that a house is only worth what someone is willing to pay. People waiting in line to see homes and overpaid thousands of dollars. That wasn’t smart. It drove up home prices as well.

Steeler-Fan-in-Md :

AJ, you ate all the gabagool