I keep reiterating that I am well aware that it was easier to buy a house in the world which was in existence 30 years ago.
However, this discussion is next to useless because the angry posters who are comparing today with yesterday, keep misunderstanding posts. This is because they have comprehension problems. That $60,000 mortage you use is not equivalent to $60,000 in today's money - that amount of money for a mortage was 30 years ago. This error you make then is loud and clear when you put the figures you have done in your post. How much in REAL TERMS do you reckon that $60,000 is worth????? You are posting to an Economics teacher so the first error is to compare a $60,000 (30 years ago) with a $800,000 mortgage of today and then plug in some percentages as if to illustrate a point very dramatically. You then compound the error by talking about buying a house today with a mortgage of 30 years ago.
Clear thinking? Absolutely not.
"we had it easy my friend"
No, I am definitely not inclined to be a friend of yours. I like clear thinkers and posts illustrative of logical thinking.
Nowhere have I suggested that it is not tough today. Nowhere. However. I was pointing out how is was for some few people 30 years ago who were prepared to sacrifice hugely in order to pay off their houses quickly. That feature of young people's personalities is far less evident today. Not exactly their fault because of the culture we live in today.
I won't be posting anymore here as some people (viz you are the paradigm case) does not understand that to compare oranges with apples is not logical. You need to learn about the difference between money value of $ and REAL value of a $, viz the inflation which has, over 30 years, reduced significantly the value of a nominal $$$$$$$$ amount. Get it, non-friend???
