Subj : Re: New to this
To   : Gryphon
From : boraxman
Date : Tue Apr 22 2025 10:54 am

-=> Gryphon wrote to boraxman <=-

 Gr> On 19 Apr 2025 at 11:53a, boraxman pondered and said...

 bo> My mum is a Boomer, and she said people can just "Scrimp and Save" like
 bo> she did.  I asked her how long it took to pay off the mortgage.  We grew
 bo> up in a decent suburb.  The house wasn't a palace, but decent enough
 bo> standard middle class suburban house, not too far from everything.  She
 bo> responded "5 years".

 Gr> I bought my first house in 1997 in a Nor Cal city suburb for $116K.
 Gr> 3bed 2bath 1400sqft on a corner lot. Sold it 5years later for $210K.
 Gr> Today that same house is in the neighborhood of $500k. So I suspect
 Gr> that when your mom bought the house at 22, she bought it at least 20+
 Gr> years ago when prices were so much lower. Incomes have not increased at
 Gr> the same rate as home prices so there's that.

I was little when my parents bought their first house.  I barely remember it,
and it was back in the early 80s. I thought they had rented it because I
struggled to believe that they could have afforded to buy a house in their mid
20s, in that suburb, with two kids and no formal skills.  Turned out they did
buy that, then moved to another house.   So yeah, well over 20+ years ago!

Our standards of what to expect starting out in life, have fallen, so, so so
much.  Its incredible to hear that generation complain that younger people are
too demanding or expect too much.

 
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