Forget comparing old builds to new builds
If you look at the pricing trend of a single house, it tells quite a story
In my city, A house that would have been 80k in the 80s is listed between 500-600k today, depending on the neighborhood and how updated it is
In the 80s you could get a 15-20 year mortgage at 20%
Now you get a 30 year mortgage at 5%
If your monthly payment today is less than it would be at 20%, it is only because you are expected to be paying for it at least an extra 10 years compared to the past
There is absolutely no question that houses are less affordable today than they used to be
And that's before even thinking about how salaries haven't grown anywhere near as quickly as real estate prices
If you look at the pricing trend of a single house, it tells quite a story
In my city, A house that would have been 80k in the 80s is listed between 500-600k today, depending on the neighborhood and how updated it is
In the 80s you could get a 15-20 year mortgage at 20%
Now you get a 30 year mortgage at 5%
If your monthly payment today is less than it would be at 20%, it is only because you are expected to be paying for it at least an extra 10 years compared to the past
There is absolutely no question that houses are less affordable today than they used to be
And that's before even thinking about how salaries haven't grown anywhere near as quickly as real estate prices