in 1973,my parents bought a house for 25,000 and the monthly payments were 250 a month for 30 years...well,they sold the house 25 years later for 250,000 and they felt great. where are the 25,000 houses today????even for a crappy one your still paying a 1,000 a month in california where my parents had theirs....
in 1973,my parents bought a house for 25,000 and the monthly payments were 250 a month for 30 years...well,they sold the house 25 years later for 250,000 and they felt great. where are the 25,000 houses today????even for a crappy one your still paying a 1,000 a month in california where my parents had theirs.... That's mind boggling when you think about it.
My parents paid $8,000 for their house in 1969 (they still live there). They looked at a bigger house up the street, but it was $12,000 and out of their price range. Their mortgage payment was $95/month.
Their $8,000 house would probably sell for $70K or $80K - almost 10x what they paid.
It's hard to imagine the same thing happening with current prices. Will my $200K house be selling for $2 million in 30 years? It boggles the mind....