Do Homes Cost More Today Than a Generation Ago?

In buying a house, experience of older Americans is unlike what today’s younger generation faces. Between 1979 and the present day, households were paying a remarkable average of less than 33 percent of their income to their mortgage payments, while today that number has declined to a much more manageable percentage. If home costs have raised more than incomes since 1979 yet comes with a notable explanation on the drastic cut on the costs of borrowing money from banks and significantly reducing the monthly cost of home ownership at the same time, this must be good news!

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