This is what happens when people elect lawyers instead of leaders...
The apples to apples comparison would include the rate of increase in wages since 1988.
Obviously housing costs (ownership or renting) have increased much faster than wages during that period.
My mother’s house cost new $6,000.00 in 1969, just saw it listed for $207,000.00
It’s the insane government spending that has to be underwritten.
Don’t blame the Fed - blame the Congress.
The congress created the Federal Reserve, and the the Fed is so bad lean on the congress to eliminate it!
OR - prohibit the Fed from buying Treasuries - let only private entities buy the bills, notes, bonds.
We bought for $47,900 in ‘94 and pay it off next March…
We were getting offers on the mail in the $350K range 3 or 4 years ago, now they are down around $260K, but about 1 a month instead of 4 or 5 a week.
Every penny created by the Fed was a penny spent by the Congress through spending bills or continuing resolutions. Our party is just as much to blame.
Planned Parenthood has been funded for decades.
Obamacare has been funded
Banks have been bailed out
DEI has been implemented throughout the government
Wars have been fought and innocent people have been killed
College programs teaching hatred of white men have been paid for
Stimulus payments have been sent out
Elections have been stolen
Innocent people have been persecuted by the Department of Justice
10 million invaders are getting monthly stipends
etc...
The cowards who we keep electing still haven’t found the hill they want to die on to stop paying for the destruction of our country.
As a general rule the value of assets will double every 20 years at the feds target rate of inflation of 3%.
so that home would have been near $600,000 by now even with good interest rates.
Just saying
The handouts being given to these illegal aliens is one of the primary drivers of inflation and housing price rise. There are other reasons, particularly energy costs due to the dems hatred of oil, but if you take out the excess and artificial demand supported by the government, then the oversupply will force prices down for housing.
Lower the artificial demand and you get prosperity, but not so many new dem voters.
De-dollarization has consequences!
One might celebrate that their home’s value has never been higher until one considers that the cost of moving to a different home has also never been higher.
Property taxes on a 180K home I can afford, on a 770K home? NO
I sold my stick built home on 1/2 acre for a loss, took what I had and bought a Manufactured home with cash, and a 5 year loan of $300 a month. I own it outright now, and can barely afford to live in WA state.
I had a 6.375% mortgage rate for my final refinance, back in around 2007. Today a 30 year rate > 6% is considered to be criminal by these spoiled wokesters.
Borrowing money at no charge is not good.
I bought a 2000sf Victorian in downtown Atlanta for $199,000 in July 1998. It sold for $805,000 April 2024.
The wife and I sold it for $322,000 in 2007.
The two white lawyers who bought it from us in 2007 put up a big ‘Black Lives Matter’ sign in the front yard after the George Floyd troubles, translation “Please Don’t Burn Our House”. The black hoods are never that far away in downtown ATL.
They sure screwed that one up for the average person, didn’t they? I’m beyond seeing how any average person can afford their own home anymore. Bought mine MANY years ago or I’d be living in a cardboard box by now.