• ChickenLadyLovesLife@lemmy.worldEnglish
    8·
    1 month ago

    Not even an exaggeration. My parents bought their house in the 1960s for $14K. Their 30-year mortgage went almost to the year 2000 and their monthly payment was fucking $85 the entire time. They sold it fifteen years ago for $190K.

    • shawn1122@sh.itjust.works
      6·
      1 month ago

      Damn never realized this but every boomer homeowner is actually an investment savant. Why are we all so stupid? Why can’t we just do this? ^/s

      • Bytemeister@lemmy.worldEnglish
        4·
        1 month ago

        The dumbest financial mistake you’ve ever made was not going into debt immediately to buy a home the day you were born. Should have planned ahead.

    • SaveTheTuaHawk@lemmy.caEnglish
      2·
      1 month ago

      $14K in 1960 was $167,000 by 2010.

      Average salary of a worker in 1960 was $3,700.

      I paid $320K for my house in 2002 , which peaked in value to $1.6M by 2022. That was insane, it’s now worth $1.2 or less and headed downward.

      It should be worth $600K. People took out HELOCs on houses now descending in value.

      • ChickenLadyLovesLife@lemmy.worldEnglish
        2·
        1 month ago

        It should be worth $600K.

        Yeah, the location was not one of those places with seriously insane housing appreciation. Small town in Ohio. 14X appreciation is still pretty good.