My folks bought a big house in 1951 for less than $10,000. Of course they were pretty well off, and had been saving for about 10 years by then, so they paid cash. It’s a sure thing I never paid cash for a house!
People are complaining about mortgage interest rates of 7.5 . In 1973 I was thrilled to get a rate of 8.5 to buy my first house, a townhouse for $23,000. At that time our two college graduate combined income was not quite $20,000 per year. Today’s young people can’t conceive those kinds of numbers. All they can do is complain.
Some Americans, i.e., MAGA, look at the 1950s as an economic golden age, ignoring that the major reason was all of our economic competitors were rebuilding after World War II (“But that was all over, right?”).
Funny thing, every time a politician suggests anything that would actually lower housing costs, there is a massive uprising of homeowners against them.
Maybe it was a bad idea to encourage people to think of homes as “investments”? People get really touchy when you tell them you’re going to reduce the value of an investment.
Homes aren’t investments. They’re a tool for living, the place where you spend most of your time.
A lot of young people are buying house in my neighborhood. That’s because I live in an older area with older houses that are selling under $100K. They’re well built, solid structures that have stood the text of time. With $20K in remodeling, they can be modern, too.
In 1959, after Eisenhower’s recession, my father bought a two-flat house in Chicago for $25,000. He was a truck driver making under $4/hour union scale. My mother had to go back to work to help pay for it. In 1985, after Reagan’s deep recession, I bought my first house, a 3 bedroom ranch some 25 miles west of Chicago, at $52,000. I was making under $25,000/year. My mortgage interest rate was 15%, and that was considered a bargain.
It’s not easy being old, especially when you remember, five cents, subway and bus, $.15 cigarettes, $.23 gasoline. Period. But then you remember you used to make a dollar an hour.
Thank goodness that large corporations are driving inflation up by reaping record profits after the inflationary causes are gone, along with the upper 10% continuing to spend like crazy. Without these twin forces driving inflation we would never have a GOP president again.
Concretionist 7 months ago
My folks bought a big house in 1951 for less than $10,000. Of course they were pretty well off, and had been saving for about 10 years by then, so they paid cash. It’s a sure thing I never paid cash for a house!
billopfer Premium Member 7 months ago
People are complaining about mortgage interest rates of 7.5 . In 1973 I was thrilled to get a rate of 8.5 to buy my first house, a townhouse for $23,000. At that time our two college graduate combined income was not quite $20,000 per year. Today’s young people can’t conceive those kinds of numbers. All they can do is complain.
eclairewl Premium Member 7 months ago
I love the Delorian!
The Nodding Head 7 months ago
Some Americans, i.e., MAGA, look at the 1950s as an economic golden age, ignoring that the major reason was all of our economic competitors were rebuilding after World War II (“But that was all over, right?”).
Gen.Flashman 7 months ago
Most of the new houses in 1955 were < 1,000 sq feet. The famous Levittown houses were 750 sq ft 2/1. Older homes were also in the 800-900 sq ft range.
olddude1953 7 months ago
Funny thing, every time a politician suggests anything that would actually lower housing costs, there is a massive uprising of homeowners against them.
Maybe it was a bad idea to encourage people to think of homes as “investments”? People get really touchy when you tell them you’re going to reduce the value of an investment.
Homes aren’t investments. They’re a tool for living, the place where you spend most of your time.
rlaker22j 7 months ago
in 1955 you could buy a house for $7,000 brand new
Alberta Oil Premium Member 7 months ago
Fool.. buy property or IBM stock and as soon as you hear of Steve Jobs.. support him.
preacherman 7 months ago
A lot of young people are buying house in my neighborhood. That’s because I live in an older area with older houses that are selling under $100K. They’re well built, solid structures that have stood the text of time. With $20K in remodeling, they can be modern, too.
ncorgbl 7 months ago
In 1959, after Eisenhower’s recession, my father bought a two-flat house in Chicago for $25,000. He was a truck driver making under $4/hour union scale. My mother had to go back to work to help pay for it. In 1985, after Reagan’s deep recession, I bought my first house, a 3 bedroom ranch some 25 miles west of Chicago, at $52,000. I was making under $25,000/year. My mortgage interest rate was 15%, and that was considered a bargain.
Free Radical 7 months ago
Back in the good ’ole days when high earners paid their fair share of taxes
Teddy bear Premium Member 7 months ago
It’s not easy being old, especially when you remember, five cents, subway and bus, $.15 cigarettes, $.23 gasoline. Period. But then you remember you used to make a dollar an hour.
tpcox928 7 months ago
Thank goodness that large corporations are driving inflation up by reaping record profits after the inflationary causes are gone, along with the upper 10% continuing to spend like crazy. Without these twin forces driving inflation we would never have a GOP president again.
apfelzra Premium Member 7 months ago
Yeah, houses were cheap in 1955, but salaries were much lower than today (even for CEOs). Inflation does that.