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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An interest rate of 13% is worse than one of 7%, almost twice as bad. You understand that correctly. When people are saying it’s not the same thing, they are talking about home prices being much, much higher than wages were years ago. So much higher that even a lower interest rate makes a home purchase more expensive than it used to be.
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