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.
Gloss over the down payment and excellent credit requirements, eh? Of course everything's more expensive -- ain't four decades of Reagonomics just the bomb-diggity?
I loathe this talking point because it assumes that EVERYONE qualified for all of this available credit or that they had to the dough to just put down..
When in fact, most didn't qualify. As I stated elsewhere in this post, the ECOA Act was only passed a few years early in 1974 and even that took a minute to get instituted, become an accepted practice and the like.
Math is hard for folks when they are passionate about a subject and they seem to think omitting important key factors is the way to have this conversation.
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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.