"Boomers seem very resistant to understanding that the living standards"....

[KentuckyWoman]

48. The math says you are wrong at least in 2 locations.

The math alone says it is easier. Less required down, lower interest - and house to gross income is about the same. I have no doubt this is not true everywhere but at least in these 2 places the math says home buying today vs 1970 ish is slightly easier.

My idea is that priorities have changed. Couples have more money going to all the other things is life and there is less available for buying a home. Remember - 60's and 70's we weren't supporting multiple screens, multiple cars, MUCH larger houses stuffed to the brim and weddings that would make Robin Leach impressed. I'm not trashing any of that. I'm just saying comparing expectations now vs 1970s is hard to do.

Also. I personally never knew anyone in the "good old days" who could get by with only one paycheck income in the household. I don't know who or where that was true but I never saw it among anyone I knew. Even the town lawyer - his wife did nearly all his office work so he would not have to hire someone. Otherwise not even their family would have made it on his income alone.

*****

Johnson County Kentucky (Rural)

1966 when we bought our house in Johnson County KY.
Our household gross income was $6712. We considered ourselves average.
The house was $16800 and 862 sq ft. Electric and phone yes - indoor plumbing no. Coal stoves for heat. For the area - "average"
Interest rate was 5.92% and minimum 20% down no exceptions.

1966 The math = $16800 / $6712 = 2.5 times yearly gross income.

2019 Johnson County data -http://www.city-data.com/city/Paintsville-Kentucky.html
Median household income $32614
Current Zillow house costs - Closest I could find in the area is larger - 1100 sq ft and listed at $75000. It has plumbing and gas heat.
Interest is running about 4% with downpayments between 3-15%

2020 (ish) The math = $75000 / $32614 = 2.3 times yearly gross income.


********

Riverdale, Georgia - City (my sister)

1972 - according to the mortgage paperwork have after my sister died.
Gross household income 1972 = $9987
Brand new built house - 2Bed 1 bath - heat and central air. $27682
17% down plus 3% gifted down payment. 7.58% interest

The math - $27682 / 9987 = 2.77 times yearly gross income

2019 Riverdale GA http://www.city-data.com/city/Riverdale-Georgia.html
Median household income = $53528
2 similar houses on her street currently listed on Zillow $148900 and $151300.
5-15% down and about 4% interest

The math - $151300 / 53528 = 2.8 times yearly gross income