Quoted from WackyBrakke:
Interest rate is 4.55% monthly interest & principle payment is 3k plus another $600 in escrow items that wouldn't go away.
$3K a month. I would have a stroke when I went to bed and heart attack when I woke up if I had a monthly nut like that I had to cover.
Way back, early 70s, my dad and step mom bought a 3 bedroom, 2 car garage, corner lot and my step mom was bitching about the $220.00 house payments.
In 1977, I was looking to buy a house and my job went sour. I finally bought a house 2 years later but in that ensuing two years house prices doubled. The house I finally bought and still live in today cost me $33,500.00 and the loan was 10%. If I could have bought two years earlier I could have had this same house for around $18K.
In 1979, I got on with Boeing Aircraft as a spray painter for airplane parts. It was a union job and I was a making tops wages at $6.60 per hour. It took every bit of that and any and all overtime I could beg, borrow, and steal to make a $360.00 per month house payment.
Another new hire, and older than me, was working for Martin-Marietta somewhere in Colorado. He had been there for some time and when M-M transferred him he had to move. He was transferred to New Orleans. He could not handle N.O. and quit his job and returned his homie country of Wichita. He had sold his house in Colorado and he was looking for a house around here.
I asked if he was going to put all of his money on his "new" house or hold some back. He said, " I'm putting it on the house. Fuck those $300.00 a month house payments."
And that is the way we thought back then. My generation came of age in the 70s. The 70s were an Arab oil shortage in 1973 that put the skids to the economy. President Gerald started his WIN (whip inflation now) campaign if full force. News stories were filled with old ladies eating Alpo dog food because it was all they could afford to buy.
The Dow Jones went into bear market in 1974 and did nothing until 1982 when Paul Volker pushed interest rates to 22%. From 1974 to 1982, most money in the market was dead money. Joe Granville made a name for his self with his market calls of being short the markets; The Fischbach Brothers were noted short sellers. We lived in period of "stagflation" with high interest rates, escalating prices for goods and services---and houses. Wall Street bankers were a dime-a-dozen.
It has been a nice run for the last 35 years for a lot of people.
And somehow, along the way we have moved from an era where a $220.00 per month house payment has been supplanted by a generation who thinks a $1400.00 mortgage payment is a bargain and a $3K mortgage is no big deal. Amazing. I still scratch my head.
There are no collections of pins that I would want if I had a $3K monthly payment. None.