Quote Originally Posted by Canton Kev View Post
So you bought a house for 14k when you were earning 5k and it sold for 140k a few years ago. Do you not see why this is an issue for younger people?
For someone to have bought that house with 3 years salary they’d need to be earning ~50k a year, nearly double the average wage. Not accounting for the fact house prices have continued rising since the house sold so I wouldn’t be surprised if it was closer to 160k-200k.
I don’t know anyone under 30 even close to those sort of wages. Most are earning 20k-25k and dealing with a much higher cost of living than back in the 70’s and with interest rates closer to 1.4% than 14%.
Don't bother, he doesn't understand. He seems to think because interest rates were higher then nothing else matters. He completely ignored the fact the young people are struggling more than ever to even get a mortgage despite doing everything right.