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.
Correct and over the target. I swear half the people in here aren't only financially illiterate, they're economically illiterate as well (arguably the greatest contributing factor).
Zero big picture awareness nose to the ground dollar amount is all that matters no wonder corporations locked this country down so fast lmao.
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u/TheModWhoShaggedMe 18h ago edited 18h 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.