Baby boomers weren't handed houses. It was impossible to land a mortgage without a large down payment in their day, and in the 1980s mortgage interest was in the teens and twenties percentage. Home owners had to have bank or inheritance, period.
I'm Gen-X, the first gen to have the ladder pulled up in front of our faces by the booms, while they left us unsupervised for days/weeks to make do for ourselves, but it wasn't all ice cream and rainbows in America, ever.
And now it's nearly impossible to get a down payment. Houses are 30x more than the average salary instead of 5x more in the 1980s. Your interest rate could have been above 50% and still wouldn't exceed prices now.
You didn't know it, you was struggling but those were still golden years for building up assets.
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u/TheModWhoShaggedMe 21h ago edited 21h ago
Baby boomers weren't handed houses. It was impossible to land a mortgage without a large down payment in their day, and in the 1980s mortgage interest was in the teens and twenties percentage. Home owners had to have bank or inheritance, period.
I'm Gen-X, the first gen to have the ladder pulled up in front of our faces by the booms, while they left us unsupervised for days/weeks to make do for ourselves, but it wasn't all ice cream and rainbows in America, ever.