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1987 houses were less affordable for median buyers than today. : RealEstate

April 17, 2022
in Real Estate
Reading Time: 2 mins read
1SDJVxNueVP5LDFwwNch4fLOPDmw8yhbDdEhAhA1H1U – TodayHeadline



Median 1987 home price = $110,000 (FRED).

Interest on 30Y mortgage 10% (FRED).

Monthly repayment $772 (after 20% downpayment)

Median 2021 home price = $411,000 (FRED).

Interest on 30Y mortgage 3% (FRED).

Monthly repayment $1,386 (after 20% downpayment)

$772 adjusted for inflation from 1987 to 2021 – $1,843. In real terms the monthly payment on the average house was significantly more in 1987 than in 2021

https://fred.stlouisfed.org/series/MSPUS

https://fred.stlouisfed.org/series/MORTGAGE30US


Real incomes are about 20% higher today than in 1987

https://fred.stlouisfed.org/series/MEHOINUSA672N


I’ll be interested to see people’s thoughts on this given the market today and claims of a bubble. My personal hypothesis is that people just are:

  1. congregating in areas that are more expensive (meaning the median household income is becoming less representative of things)

  2. median households in said areas are richer than people realize.

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