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Buying a Home in the ‘Good Old Days’ 1982 Edition
Dated: March 7 2023
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Buying a Home in the ‘Good Old Days’
If you think buying a home today is hard, imagine what it was like 40 years ago. In 1982, the average wage for a full-time worker in the US was $11,107 per year, which would be about $31,834 in today's dollars. The average mortgage interest rate for a 30-year fixed loan was a whopping 16.63%, making monthly payments very expensive.
For example, if you bought a home for $100,000 in 1982 with a 20% down payment and a 30-year fixed mortgage at 16.63%, your monthly payment would be $1,144. That's more than half of your monthly income of $2,153 (before taxes). And over the life of the loan, you would pay more than $311,000 in interest alone!
Fast forward to 2023. The average wage for a full-time worker in the US is estimated to be $53,490 per year or $1,028 per week. The average mortgage interest rate for a 30-year fixed loan is projected to be around 6.65%, which is still high compared to recent years but much lower than in 1982.
If you bought a home for $300,000 in 2023 with a 20% down payment and a 30-year fixed mortgage at 6.65%, your monthly payment would be $1,520. That's about one-third of your monthly income of $4,458 (before taxes). And over the life of the loan, you would pay about $247,000 in interest.
As you can see, buying a home today is still challenging but not as daunting as it was four decades ago. Of course, there are many other factors that affect home affordability such as income growth, inflation, housing supply and demand and credit scores. But it's interesting to compare how different generations faced different obstacles and opportunities when pursuing homeownership.
Contact Ricardo Cobos at 919-822-9800 for more information on buying a home in Garner, NC.
#homebuying #mortgagerates #realestate #1982vs2023 #generationaldifferences
#RealEstateInvesting #InvestmentProperties #GarnerNCInvesting #8thDayRealtyGroup
Ricardo Cobos
About RicardoRicardo Cobos - Real Estate Agent & Mortgage Lender in Garner, NCAs a dedicated mortgage lender and real estate agent, I’m passionate about helping buyers and sellers in Garne....
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