Aye, the baby boomers, we had it made, NOT. Bought my first house in 1980, $77,000 with a 14% interest rate, yep easy street for us boomers...You baby boomers had it made!
I’d love to see a photo thread of the houses and hunts some of you guys had back in the day and what you paid for them.
Also consider in 1983 …. You could still manufacture and import machine guns into the USA for an additional 3 years.
Yep. I bought my first home in '82 for $85K at 14%. It started at 16% and we closed at 14 as rates were coming down. The next door neighbor's loan locked in at 16% after coming down from 18%. These were ALL negative amortization loans (FHA 245A) which are illegal now, but were the only way one with average means could buy a home back then. My loan started at 7% and when up a point each year until it reached 14%. We refinanced to 10% a few years later and thought we had died and gone to heaven. But those loans wiped out many families who could not afford the increases and they lost their homes as did another neighbor of mine. Before I bought my home, I bought a vehicle on a 18% loan. Since 2008 and up until recently, we've been living in a fantasy world of artificially low interest rates not seen since the '50s and one we will most likely never see again. When the 40 somethings I work with complain about their finances, I bring up those interest rates and you can hear a pin drop. Reality is now setting in.Aye, the baby boomers, we had it made, NOT. Bought my first house in 1980, $77,000 with a 14% interest rate, yep easy street for us boomers...
I worked my butt off to scrape together enuf dough to make that first hunt, even as cheap as it appears to be.
This boomer gen crap is a myth!