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Reply to "Why do people think Boomers had it so good?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I purchased my first home in 1986 with a mortgage rate of 11%.[/quote] But your home price to income ratio was WAY different that it was then. The federal minimum wage is still $7.25. It's unconscionable. [/quote] Incorrect! On home price to income the guideline has been 28% of gross income to cover a mortgage assuming 20% down. That was true in 1980 as it is today. Home sizes are much bigger today. In 1975 it was 1750 sq ft and it’s now 2500 sq ft. Mortgage rates of 15%+ in the early 80s killed the housing market in terms of both transactions and price.[/quote]
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