Reply to Housing is the new source of inequality

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]We bought our first home in 2002. Our interest rate was 6.75%, so not that different from today. My parents bought their first house in 1980.  Their interest rate was 15%.  The recent sub 4% interest rates were the anomaly, not the norm.  [/quote]

Uh-huh but home prices were generally lower in 2002 and definitely in 1980. Currently, with major home appreciation during the pandemic, and high rates it’s a different scenario.[/quote]

Sure, but for many professionals incomes have also gone up.  In the law, as a first year associate in 2002 I was making $110K a year. First year associates at my firm now make $250K. [b] I realize that not all professions have escalated this fast or this far[/b], but in 2002 I was able to afford a crappy, run down house in a neighborhood with pretty significant crime for $500K. A young professionals can still afford a house like this.  [/quote]

Exactly, in many professions, wages have stagnated compared to inflation. [/quote]

I am a f-ing 50 year old doctor and that is more than I make after 7 years of higher education, 6 years of post graduate training and an 18 year career. And $125K in educational debt that I paid off. My 24 yo nephew should not be making more than me in his first year after law school. It’s ridiculous.[/quote]

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