Reply to Why do people think Boomers had it so good?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]My boomer inlaws had to deal with 10% mortgage rates in the late 80s, adjusted for inflation their house was 250K

We have 7% mortgage rates, and that same house is approaching 500k.

When you adjust for inflation, its 51% increase in mortgage costs for the same house today.[/quote]

I'm PP, forgot to mention my in-laws parents(wife's maternal and paternal grandparents) had it even better when it came to housing. Both sides owned homes in Tenleytown, bought for the equivalent of 225k, single income, 4-5 children. Those same homes are between 1.5-2 million today. [/quote]

What was tenleytown back then when they bought for 225K?   :roll:   My in-laws almost bought near Dupont back then when it was cheap and it was a no-go zone for most people as you could get jump and there was a red light district.  They would have paid less and would have been sitting on more than one million today. Now, do people who bought in San Jose which was a total sh** hole with nothing around before Silicon Valley.  Who cares.  People were prescient and many didn't want to live in these areas back then and those who did sometimes sold before prices went way up and never "cashed out".   How many areas never went up in price at all or not enough to barely keep with inflation? Inflation itself would make 225K home be worth 3x this depending on how many decades ago, that's not appreciation.. It's the deterioration of the buying power of your dollar. [/quote]

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