I am old enough to remember when a simple savings account at the bank was 5% interest, no minimum balance. Now grabbing a high yield account of 3.5% is doing well for the average person, and requires a high balance to qualify for that “incredible” rate.
Housing was affordable and wages hadn’t fully flatlined, so a single income family could still possibly pay that mortgage, even pay extra against the rate, and support a family. Definitely a lot more than one single rate number, lots of things are broken.
I am old enough to remember when a simple savings account at the bank was 5% interest, no minimum balance. Now grabbing a high yield account of 3.5% is doing well for the average person, and requires a high balance to qualify for that “incredible” rate.
Yes but a mortgage was 11%.
Now housing was still affordable then, so…
Housing was affordable and wages hadn’t fully flatlined, so a single income family could still possibly pay that mortgage, even pay extra against the rate, and support a family. Definitely a lot more than one single rate number, lots of things are broken.
I would absolutely take the interest rates of the 1980s with the housing prices of the 1980s.