Quote:
Originally Posted by Nordwest
In 1988 my income was about about 80% of what I paid for my house that year. I wish I still had that problem. Times have changed.
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Low interest rates have a definite effect on housing prices. And, many people today with large mortgage payments do not get any interest deduction due to the fact that the low interest is less than the standard deduction.
Government medaling with housing definitely contributed to the housing bubble which, in my opinion, is still going on.
I made minimum wage in high school and it was enough to cover my expenses (i.e., gas, entertainment). Today I earn far more than I made in high school and that is because I learned a thing or two over the years.