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Sweet Spot
(lemmy.world)
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this post was submitted on 09 May 2025
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That just adds to my point? It doesn't matter why it happened, housing is significantly more expensive compared to income. But since you brought it up, let's do the math.
$15,000 average salary, single income, $37,000 house. That's about 30 months salary.
$55,000 average salary, dual income ($110,000), $420,000 house. That's 45 months salary. With both people working.
So....yeah, seems like "the basics" are a lot harder to achieve nowadays than they were in the 80s.
I really wouldn't know if that last statement is true. We were only discussing housing, so not all of the basics. Also, like I said earlier, interest rates on mortgages were higher in the past. I would also consider this when comparing, because the interest can be more than total debt.
Interest rates peaked in '81 at 18% and yes that brings it closer to today's % of income...but it plummeted within a few years.
And housing/mortgage stuff isn't the only part in this equation - the bottom 90% of the country has been getting significantly less for their labor since Reagan. Money is hoarded and wages have not kept up with inflation