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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]My grandparents paid off their first house in 10 years and bought their second house that they lived in until they died with cash. They were immigrants with no education beyond high school and my grandfather, the sole earner, worked in a factory in a major city. Granted these houses cost like $20K, but I think it was a combination of inflation, taking shorter term mortgages, and prioritizing paying off debt. We had a 30 year mortgage on our first house and I promised I would never do that again, that I would buy a house we could afford on a 15 or 20 year term and that's what we did. Posters reading this thread should go read the thread about stretching oneself on a mortgage. When I was 30 and bought my first house I was bright eyed and bushy tailed and had no kids. When we needed more space at 40 for the family, my orientation toward work and money had changed and I wanted the shortest mortgage possible.[/quote]
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