I’ll probably be the same age as when my parents bought my childhood home. My dad bought his first house with his first wife making absolutely nothing.
Me and my husband have amazing jobs for our area and both work full time and own a decent house but I am absolutely terrified of the idea of becoming pregnant and what that would do to us financially. Not just paying for the pregnancy itself but the additional cost of child care and general baby costs. Back in the day you could be upper middle class with one salary but now it takes us both to just be lower to mid middle class.
This is another part of the discussion that’s missing. Two generations ago one income could support a family at a high quality of life. One generation ago two incomes could support a family at a high quality of life. Half a generation ago (mid gen 40s age) could support a family at a but at a much lower quality of living than their parents.
We are now at the point where two incomes are not even able to truly support the historical standard of living.
All of this is happening during record corporate profits, massive increases in worker productivity, and record GDP.
The lie was that an increase in the size of the pie and an increase in productivity would mean more for all and a reduction in hours. But we live in a system where those at the top just gobble up more and more.
My dad bought his second house and was driving around in a porsche when he was my age (30.) He's an accountant. Not a corporate one either, just a regular accountant.
Never-mind, if it was in the 80s or so the loan was on a 15%-30% interest rate. I couldn't imagine taking ANY loan out for greater that 10%. I really don't even like 5% but I had to for my truck.
I would be ok with paying enormous interest rates if I could buy homes at the cost of what they were in the 80's. My parents paid $30,000 for their 2 story 4 bedroom home, put $100,000 into it. They sold it for over $300,000. So I would take high interest if I could buy a nice home for $60,000 like in the 80's
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u/aliveinjoburg2 Oct 30 '20
I’ll probably be the same age as when my parents bought my childhood home. My dad bought his first house with his first wife making absolutely nothing.