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Reply to "Why do people think Boomers had it so good?"
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[quote=Anonymous][quote=Anonymous]I'm Gen X, not a Boomer so I have no dog in the Millenials vs Boomer fight, but I find it fascinating how history is totally lost with what Boomers had to deal with when they were young. Inflation in the past few years is nothing like it was in the late 70's/early 80's when there was double digit inflation year after year. Same with Mortgages. In 1981 it was 18%. It also used to be much harder to qualify for a mortgage, There were no creative repayment terms or 3% down. It was straight up 30 year mortgage with 20% down. They also had to deal with severe gas shortages and a draft. How is it Millenials don't realize this?[/quote] You must be early GenX, likely 56? Sure they paid 18% but prices were so low they could buy a home on 3x the income of a SINGLE EARNER. 20% down on a small number is about the same as 3% on crazy expensive houses now, plus while paying for daycare and college funds that they didn’t worry about. [/quote]
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