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The difference is that the same house in 1990 at 12% still only cost $150k. Today at 7% it costs $1.2m
Source: the house I grew up in, county sales records.
150k at 12% is $1543/mo; in 2023 dollars, that’s $3609/mo. 1.2M at 7% is $7984/mo.
Over the same time period, the S&P500 has gone up by a factor of 13.6x - if you invested $150k in 1990 you’d have $2.04M today.
I’m not trying to make a point - I just thought this was interesting.
Right, these people are so quick to "well akshually" they completely ignore the inflated house costs since which layers more unaffordability on top of already unaffordability.
There's only a handful of areas where that level of appreciation happened. There's about as many places that 150k house is the same or less because it's a crime ridden neighborhood now, or there's no economic activity in the area anymore. The average is more like 2-3x increase in the last 30 years.