Yes yes, I know I didn't include the inflationary adjustments and all that. Was simply going off on your argument that back in the good old days your generation paid 15 to 18% interest while today it's only 4 to 5% so the kids shouldn't complaint.
And while we're at it, kids nowadays should work hard and be thrifty like generations before them. Cut out that mobile phone, that flat screen HD colour tv; internet, internet on the mobile... In my days, we have none of those luxuries and that's how we paid off our mortgages!
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Now to inflation and real world stuff.
$60k mortgage 30 years ago at 3% inflation [?] would now be $145,636.
Median wage back then was $30k? At same inflation and that's today's $72,818.
Median detached house was $100K?
The exact same house, in worst condition, goes for $800k? If it's all the same, it should be $242,726.
Then there's those practically free university, reasonable power and utilities.
Yup. Better get more motivated, cut out the luxuries and smashed avocadoes kids.
