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…
In: 233
Because wage growth hasn’t kept up with housing prices. In Australia, where I am, for example, in 1990, when interest rates were 17%, the average mortgage repayment was 44.49% of the average monthly salary. As of March ,at 3.35%, the average mortgage repayment is 44.9% of the average income.
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