The “median” home price today is really really skewed by all the low end sales due to foreclosures and short sales. The median of today is a far cry from the median of yesterday.
As far as payments that are lower due to the Federal Reserve literally printing money to force 30 year rates down, a temporary anomaly and how many people are getting that full advantage?
Between the “median” and the interest rate issue, you are way out in left field already.
Oh, and my car. My car that is a better deal than 10 years ago? The car that requires gasoline that is 100% higher? The car that requires oil changes that are 130% higher? The car that has repair bills that are 100% higher? The car that my insurance company is taking me to the bank on? God forbid I need to take it into a body shop.
I could go on and on, tires are double, traffic fines triple, parking double. How many hotels now charge for parking? Went to Torrey Pines today, 10.00 to park the car.
Same with houses. The cost to maintain, roofing and general upkeep have skyrocketed at least 50% since 2000. Forget about property tax (the house I bought in n park in 1999 had a 3200 a year tax bill, someone buying it today would have a 8000 a year tax bill), heating, cooling and water.
Obviously you are doing better than 10 years ago but I certainly am not. 10 years ago I had assets of 100K and felt comfortable buying the house of my choice in the hood I wanted.
Today, I have assets of 700K and would not feel financially comfortable buying in the hood I wish.
Maybe that is because I am 10 years older and worry about old age or maybe 700K aint really much any more when all it is is enough to buy a house outright that still gives you a 800 a month property tax bill.
