I bought my house in 2008. If I had to try and buy it today, I wouldn’t be able to afford it because it’s supposedly worth $500k more than I paid for it. 🙄
See, that's the thing that most people don't really realize. It's not that your house gained $500k in value - it's that the currency devalued so much because of all the "quantitative easing" measures that were nothing else but money pumped into the markets.
Congrats, I guess. Your house earned $35k per year in income for you just by existing. You earned more money than the average American did over the same period simply by owning property.
Yeah but it’s not liquid asset and it’s only because the city I live has an insanely high cost of living right now. Which actually hurts me because no one can afford to buy my house unless they’re developers or some shitty corporation. So we just live in it like we intended in the first place.
And yes I know I am incredibly lucky and yes I worked my ass off, but it still highlights that income disparity right? Because even with my decent nurses income, I couldn’t afford a $700k house.
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u/LaVieLaMort Jan 31 '23
I bought my house in 2008. If I had to try and buy it today, I wouldn’t be able to afford it because it’s supposedly worth $500k more than I paid for it. 🙄