[quote=AN][quote=ltsdd][quote=AN]Minimum wage earners are not middle class.

Regardless, let’s play with your example and use that to calculate what it would take to come up with the 20% down payment:

20% down payment for $96,500 is $19,300. That takes roughly 5761 man hours to earn at $3.35.

20% down payment for $465000 is $93,000. That takes roughly 11625 man hours to earn at $8.

How is that better?[/quote]I understand minimum wage is not middle class. I don’t expect a minimum wage person to be able to buy a place like this. But they might be able to buy a place like this: http://www.sdlookup.com/MLS-140009602-5281_Caminito_Cachorro_San_Diego_CA_92105

Sold for $78k in 1985 and selling for $199k today.

The payment in 1985 would be $547/month, assuming 20% down and 10% interest rate.

The payment today would be $783/month, assuming 20% down and 4.25% interest rate.

It would take 4975 hours worked @ $8 today and would take 4656 hours worked @ $3.35.

How’s that not better? You’re getting paid 2.3x more, yet your cost of living per month is ~36% higher than when it was in 1985.[/quote]

It’s not better because there are many other parameters that are left out. House payment is not the only thing that measures the cost of living. Let’s not forget that in this simple scenario we’re ignoring one important thing – today’s interest rate is an anomaly.

If you truly feel that the folks making minimum wage today are having a higher living standards than those in 1980 (then what the fvck are we doing complaining about where our country is heading?) then let’s just say we agree to disagree. It’s not necessary to cherry-pick some numbers to prove your point.