Originally Posted by
CX500T
This has been interesting. Conversations between me and my wife have gone along the lines of:
Her: If you told me back in college (90s) we'd be making what we make ($360-370 this year. 80% ER Captain, live in base, did $467k last year being a GS Ninja) I'd wonder how many motocross tracks we own and how big the mansion is.
Me:
If you told me we'd pay over $1M for a house I'd ask how many motocross tracks are on the property and do I have an indoor arenacross track, and how baller is the pool?
In reality, while we make good money, my dad was able to swing a similar house, on a lot more land the same distance from BOS as I am from LGA as a truck driver.
We (legacy pilots) have good paying jobs. But housing has vastly outpaced wage inflation. That's my single biggest bill.
1979 dad buys a large Victorian in good shape, albeit last updated in the 30s, for $69k. On 40 acres. With a carraige house and barn.
Based off CPI inflation that would be $298k today.
You aren't buying that house for under $1.4M if it still had the acreage. Owners after my parents sold off all but 2 acres. It just sold last year for $988k.
IMO one of the biggest divisors between the haves and the have nots for a long time to come will be those who already owned a home in 2020. Most homes near any of our bases have doubled in price in the past 5 years, combine that with the stark difference in interest rates compared to what we have now, the mortgage payment on the same house could easily be about 3x what it was 5 years ago. It’s insane how much that one thing affects your life.