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Old 04-09-2023, 01:26 PM
 
Location: Southernmost tip of the southernmost island in the southernmost state
982 posts, read 1,163,270 times
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Quote:
Originally Posted by Tulemutt View Post
6.28% is only high relative to the past, post great-recession, decade. It’s right in line with most of 2000 - 2007/8. And lower by a couple points than the 30 years prior. The sky is not falling.
Yes, we have become spoiled and accustomed to "cheap money". I remember ny first mortgage back in the 80's being in the 7+ range and it was considered low at that time.
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Old 04-09-2023, 03:24 PM
 
Location: Kahala
12,120 posts, read 17,903,402 times
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Quote:
Originally Posted by Grassyknoll View Post
Yes, we have become spoiled and accustomed to "cheap money". I remember ny first mortgage back in the 80's being in the 7+ range and it was considered low at that time.
The US median home price was $85,000 in 1985 versus $428,000 today.

Even on Oahu the median was $150,000 versus over $1,000,000 today.

Wages have not kept pace
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Old 04-09-2023, 03:50 PM
 
Location: On the water.
21,734 posts, read 16,341,054 times
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Quote:
Originally Posted by whtviper1 View Post
The US median home price was $85,000 in 1985 versus $428,000 today.

Even on Oahu the median was $150,000 versus over $1,000,000 today.

Wages have not kept pace
That’s true, obviously. What’s your point about the price / interest dynamic and ‘the sky is / isn’t falling’? The higher the median prices, the more impact higher rates have on marginal buyers. But, these rates today are not historically high. The super cheap rates of the past decade were the anomaly in lending factors.
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Old 04-09-2023, 04:08 PM
 
Location: Kahala
12,120 posts, read 17,903,402 times
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Quote:
Originally Posted by Tulemutt View Post
That’s true, obviously. What’s your point about the price / interest dynamic and ‘the sky is / isn’t falling’? The higher the median prices, the more impact higher rates have on marginal buyers. But, these rates today are not historically high. The super cheap rates of the past decade were the anomaly in lending factors.
It all depends on your perspective - an adult in their mid-30's has only known sub 5% mortgage rates during adulthood until recently.
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Old 04-09-2023, 04:47 PM
 
Location: On the water.
21,734 posts, read 16,341,054 times
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Quote:
Originally Posted by whtviper1 View Post
It all depends on your perspective - an adult in their mid-30's has only known sub 5% mortgage rates during adulthood until recently.
True again. On the other hand, anyone in a position to be buying at today’s prices should be savvy enough to gain historical perspective to apply to such a big and long-term investment.
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Old 04-16-2023, 04:45 PM
 
Location: Puna, Hawaii
4,412 posts, read 4,900,190 times
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Quote:
Originally Posted by whtviper1 View Post
The US median home price was $85,000 in 1985 versus $428,000 today.

Even on Oahu the median was $150,000 versus over $1,000,000 today.

Wages have not kept pace

In 1985, the average mortgage interest rate in the USA was around 12.43% (which was a period of recovery considering the rate was over 18% just a few years prior). One could argue that newer homes are larger, safer, and have more bathrooms and other amenities. The building codes are certainly a lot more complicated now. On the other hand, property taxes were lower in 1985.
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Old 04-18-2023, 11:26 AM
 
4,096 posts, read 6,215,215 times
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Quote:
Originally Posted by whtviper1 View Post
The US median home price was $85,000 in 1985 versus $428,000 today.

Even on Oahu the median was $150,000 versus over $1,000,000 today.

Wages have not kept pace
But don’t you agree that in 80s and before most home buyers were one income families/people? Now it is usually double income purchasing homes.
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Old 04-18-2023, 12:32 PM
 
Location: Juneau, AK + Puna, HI
10,552 posts, read 7,750,499 times
Reputation: 16053
Quote:
Originally Posted by whtviper1 View Post
The US median home price was $85,000 in 1985 versus $428,000 today.

Even on Oahu the median was $150,000 versus over $1,000,000 today.

Wages have not kept pace
Great stats. Average wage now approximately 2.5X that of '85.

US home price up 5X, Oahu 8X.
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Old 04-18-2023, 03:27 PM
 
Location: Kahala
12,120 posts, read 17,903,402 times
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Quote:
Originally Posted by Kayekaye View Post
But don’t you agree that in 80s and before most home buyers were one income families/people? Now it is usually double income purchasing homes.
Most were one income families in the 80's? Don't agree with that at all. I grew in the SW suburbs of Chicago (70's would be more applicable for me growing up - I was in college in the 80's) - my parents both worked and I'm struggling to think of any - literally any of my friends with one income families.

I could agree women have more wage power today than the 70's/80's - that is about it.
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Old 04-18-2023, 03:58 PM
 
344 posts, read 250,658 times
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Quote:
Originally Posted by whtviper1 View Post
Most were one income families in the 80's? Don't agree with that at all. I grew in the SW suburbs of Chicago (70's would be more applicable for me growing up - I was in college in the 80's) - my parents both worked and I'm struggling to think of any - literally any of my friends with one income families.

I could agree women have more wage power today than the 70's/80's - that is about it.



My experience growing up in roughly the same era was the exact opposite, very few of the mom's worked.

Anecdotes are not really that useful in analyzing something like this.

That is why places like BLS and DoL collect tons of data:
https://www.dol.gov/agencies/wb/data...-youngestchild

It looks like the things are somewhere in the middle of those extremes.
Definitely way more moms in the work force today (in the 70% range) compared to in the 50% ish range in the 70s and 80s.
But, its not like every family was single income back then either
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