Loading ...Just google, “$200000 plus 6% per year is”
I did it again here, $200,000 at 6% for 20 years (not 34 years) and it comes out $641,247. Make believe the inflation rate is 6%. So 200k house needs to triple to stay even 20 years later. Geez at one time a loaf of bread was a dime, 10 loaves per dollar, now a dollar is 4 slices.
A lot of things we buy today are 10-15- and 20 times more from the late 1960s prices. I remember long ago thinking, a typical 5% mortgage on a $40,000 house is NOTHING compared to 6% mortgage on a $400,000 house. Maybe that why the house loans are so low.