I am surrounded by boomers saying this that in their day interest rates were at 15% and we have it easy! I’m also surrounded by the younger generations saying this is ‘not the same thing’
Explain to me the reasoning…
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The simple fact is that house prices are now way higher, as a result of historically low interest rates for so long. The typical mortgage in my parents’ time was three times your salary. Now a house in my area would cost something like twenty times my salary: clearly I would be borrowing way, way more than they did compared to my income, making me far more vulnerable to increases in interest rates.
It’s also why they could comfortably afford mum to be a SAHM while these days many families struggle to subsist on two salaries.
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