Reply to Boomers' Billion-Dollar Bonanza: The Unseen Hoarding Behind Millennial Struggles

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Reply to "Boomers' Billion-Dollar Bonanza: The Unseen Hoarding Behind Millennial Struggles"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Not only were mortgage rates extremely low until recently, some of us boomers were at home buying age when mortgages were at 18%. I remember being ecstatic to refinance at 7%. [/quote]

That’s the articles point, you bought assets at low prices with high rates, meanwhile rates plummeted while those assets rose

Everyone know is buying way more inflation adjust expensive housing, with low rates maybe okay, but they aren’t refinancing EVER and thus not getting future discounts like the boomers did.

Asset appreciation is in question too, but I admit more murky. [/quote]

We were saying the same thing people say now. We felt like we’d be priced out of the market if we didnt buy the. so we took those 18% mortgages. I did a walk down memory lane and found that our first down payment was more than 50% of our annual pretax income and our mortgage was greater than three times our annual pretax income. That’s the same as a $200k petax HHI paying $100k for a down payment and having a mortgage for greater than $600k. Doesn’t sound so different. [/quote]

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