Why Owning a House is More Difficult Now Compared To 50 years ago ?

by Armaghan Arshad
Why Owning a House is More Difficult Now Compared To 50 years ago

Who doesn’t want their very own house with complete legalization on their own name? Everyone dreams of having their own space minimum once in their lifetime. Some of them achieve this dream and some state visualizing the home of their own until their last breath. Owning houses has been one of the trendiest trends for generations now. Just owning one brings you up in the eyes of relatives and friends along with increasing your respect in society. But has anyone thought about the after-effects of forcing yourself into a decision you intended to do for selfish reasons? Let’s take a look at some responsible facts about house ownership in the below description.

Affordability chances for house owning

Buying a house takes up a lot of consideration related to money matters. If one wants a perfectly designed house along with every demanded facility, he or she needs to save up some good numbers to achieve this dream. But due to extreme changes in money rates and increased expenses in the society, people are not able to spend much into ownerships of houses. Most give up from just knowing about the expenses they are going to face and some just want to live a simple and burden-free life.

Comparison of budget between before and today

When we talk about finances, they were considered much better a few decades ago. It was easy buying a house in 1950 than even thinking of buying one in this decade. The housing math of today is undoubtedly brutal. With average cost of a home in the country is almost $1.61 million, a critical 30-year mortgage – along with a 20% down payment and today’s 4.55 % interest rate – it requires a monthly payment of $7900, which is more than double the $3333 median monthly rent for a one-bedroom apartment in 2017.

Now that was harsh! A mere teacher with a simple job surely sees it as an impossible act to perform. But if we compare these frustrating figures with the late 50s financial limits, it was considered much smoother and approachable compared to today’s budget lists. And average home at that time usually cost around $12,780 which was an easy and approachable action for an average teacher’s salary. Compared to today’s sales, rates and interests, people were more motivated to buy a house for a better life at that time.

Old homes bought more expensively

After comparing some good numbers of house payments, we will also mention a very latest trend that is considered of high value. People owning old houses are respected well enough today. As they were successful in buying or building one in the past, they made their share worth spending at that time. Their homes tell stories of their own and give more glow to the location. This is why buying these old homes instead of new ones are being adapted more often.

Old but expensive

These houses may be old, but they are being sold more expensively, compared to their actual price. Due to increased interest and buying rates in states and the uniqueness of old homes, they are being considered unique and different. Which is why people are developing more interest in them. House dealers are earning quite high due to more demands of old homes.

Comfort always comes first with homes

Buying houses are solely personal decisions but one when comes to search for good and positive advice, it’s better to supply some good one too. It’s better to choose something for yourself in your budget range if it is even possible. Otherwise, it’s best to stay and live a simple life by applying to other available options in the matters of homes.

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