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Reply to "Why does it take 30 years to buy an old house for the typical family?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]You mean why are mortgage terms for 30 years? I would say it's because they assume you buy the house from age 30-35, and then it's paid off before you retire.[/quote] Not about mortgage but affordability. If our economic situation is always getting better shouldn’t housing cost go down with improvements in construction and other technology ?[/quote] One element may be that standards are going up too. Once upon a time kitchens were tiny. Bedrooms were smaller. Kids were expected to share rooms. Most houses now are bigger, much bigger. It would be interesting to compare what it would cost in 1930 to build a house, and what it would cost today to build the same house.[/quote]
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