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Hey your home might cost you $1000 more an month, BUT you saved $0.16 over the Fourth of July last year!
LETS GO BRANDON
Yawn – my mortgage rate in the 80’s was 14.5%. This is nothing.
This was needed. The housing market is too hot. Stop blaming everything on Joe Biden and start wrapping your head around macroeconomics like an adult.
Agree with Jolf…”soaring” would be 8-10%. 5% is still “free money” when inflation is higher and the stock market still returns 7% on a conservative portfolio.
And Ed, a 1% tick in rates only raises your mortgage $1000/month if you have a $1.5 million mortgage. In which case, inflation probably doesn’t impact you too much.
Jolf R – Accounting for inflation, how much did you pay for your house in the 80s?
Too much. But I got a good return on my savings account…
Per the official stats, from 1982 to today, inflation has roughly tripled the prices of goods. So today’s $300K house is the equivalent of $100K back then. Today’s $100K salary is like $33K then. And $1.25 gas in 1982 is roughly the same as today’s $3.75…which is what I paid yesterday.