civvver
Deity
- Joined
- Apr 24, 2007
- Messages
- 5,855
Well I suppose I could probably afford one in Peoria or something, but no one is going to pay me enough money to do stuff in Peoria to afford a mortgage there so it doesn't matter.
I live in the District of Columbia.
So you can't afford to own a house in one of the most expensive urban areas in the country. I don't think that has much to do with what generation you were born in. Peoria is a straw man. There are a lot of places where jobs are plentiful and housing is cheap. Texas, michigan, minnesota, montana, maybe parts of arizona and colorado.
Being in tech, thank god I don't life out west where I probably still couldn't afford to buy a decent house.
Same. You are paying for the weather.
Money is basically free at the moment. We got a mortgage with my wife with an interest of 0.95%. My boomer parent's mortgage was around 15%. Of course this is country specific, I guess.
Totally agree. My house is much bigger/nicer than my parents at my age due to how cheap mortgages are. Mine from 2015 is 3.75% and that's not even the lowest. If you had more money down or shorter term they were under 3% for a bit. In the peak in the 80s they were 15% for a couple years, but around 10% in 1990. Historical average is like 7-8% I believe.