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We were in the process of buying a home in Mission Viego circa 1978. When the mortgage rate hit 17% we could not qualify anymore. Two years later, we moved to Arizona for more affordable housing. *

Posted on August 31, 2026 at 12:30:51 PM by you-of-m

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Thread:

In 1982 unemployment was over 10% and a 30 year mortgage was 16%. The Dow traded at 4x earnings. - By Alpo August 31, 2026 at 12:24:21 PM
- 1979-82 saw worse conditions but solutions were easier. We've been digging the same economic ditch for 25 years. - By ftb August 31, 2026 at 01:05:37 PM
- Well, at least Carter and Reagan weren't fascists trying to break up NATO, etc. Nfm - By Cutter August 31, 2026 at 12:51:48 PM
  - Man, fuck Ronald Reagan.* - By Ev August 31, 2026 at 01:41:24 PM
  - Reagan was AOC on Immigration**** - By Cincywolve August 31, 2026 at 01:01:35 PM
    - Today's Republican Party is unrecognizable from its 1980s variant nfm - By Cutter August 31, 2026 at 01:08:42 PM
      - Different in some ways, but not unrecognizable. Upward wealth redistribution, dismantling/privatization of social programs and education, misogyny, anti-black racism, homophobia, religious extremism, and enthusiasm for mass killing of brown people abroad have been pretty consistent.* - By Ev August 31, 2026 at 01:28:22 PM
- Bought an old renovated farmhouse 3 blocks from Lake Michigan at 15% on a 30 yr - By tem August 31, 2026 at 12:48:55 PM
  - ...and you got to see The Police with me that Summer in Charlevoix * - By Spirit August 31, 2026 at 12:52:03 PM
    - My parents were at that show as well, seemed pretty legendary* - By Daytripper August 31, 2026 at 12:56:04 PM
      - had I known they were going, i could have gotten them better seats* - By tem August 31, 2026 at 01:52:48 PM
- It was bleak. I was laid off and out of work for about 6 weeks...the A&P near me was going out of business so I stocked up on discounted groceries... - By ajs August 31, 2026 at 12:39:59 PM
- Was the age of the median homebuyer 42 years old? Was the age of the median homebuyer over 60 years old? (nm) - By suede August 31, 2026 at 12:33:20 PM
  - Buying a house at double digit rates when a home cost 3 x median household income is much better than buying a house vs 6.5% at 5x median household income. * - By crumbs August 31, 2026 at 12:38:18 PM
- Shit is getting worse every day* - By Poster P August 31, 2026 at 12:31:35 PM
- And Volker broke inflation. * - By crumbs August 31, 2026 at 12:31:12 PM
- We were in the process of buying a home in Mission Viego circa 1978. When the mortgage rate hit 17% we could not qualify anymore. Two years later, we moved to Arizona for more affordable housing. * - By you-of-m August 31, 2026 at 12:30:51 PM
- I’d argue that no matter how pretty the Reagan recovery looked on paper - By ny1995 August 31, 2026 at 12:29:00 PM
  - The Oil Shock of 1973 is where median income stagnated. - By GritsGoBlue August 31, 2026 at 12:36:45 PM
    - Yep. Income inequality and loss of industry is at Reagan's feet. Voodoo economics til this day. The pain of trickle down.* - By bluejohn August 31, 2026 at 01:27:37 PM
      - Loss of industry started in the 70's. By the 80's cities like Youngstown and Gary were already fucked.* - By Alpo August 31, 2026 at 01:45:42 PM
    - Mid 70s, okay. It basically what I was thinking. - By ny1995 August 31, 2026 at 01:16:27 PM
- Couldn't find a Summer job in Ann Arbor so I worked on Mackinac Island that year (m) - By Spirit August 31, 2026 at 12:28:03 PM
  - Median home prices in Seattle burbs $75k*** - By Cincywolve August 31, 2026 at 12:30:46 PM
    - and starting salaries out of college were probably under 15k for most* - By Rich August 31, 2026 at 02:25:32 PM
    - A $60,000 30-year mortgage at 16% was $807. In today's dollars that is about $2,800/month.* - By Alpo August 31, 2026 at 12:59:22 PM
      - Were folks in the 1980s not allowed to refinance their homes? (nm) - By suede August 31, 2026 at 01:04:29 PM
        
        Of course! The 40 year secular bull in rates is what drove real estate prices higher over the ensuing decades. - By Alpo August 31, 2026 at 01:08:49 PM
        
        …you see the problem this created, right? (nm) - By suede August 31, 2026 at 01:13:48 PM
        
        Of course.* - By Alpo August 31, 2026 at 01:19:39 PM
    - Gas was $1.30 per gallon in 1982. That's $4.50 in 2026 dollars * - By Spirit August 31, 2026 at 12:54:29 PM
- apple cup week, lock in broski* - By Daytripper August 31, 2026 at 12:27:55 PM

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