Beet
Atlas Star
Posts: 28,915
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« on: August 20, 2012, 10:55:01 PM » |
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I'll tell you one thing. A lot of young people are saving up for houses. If you live in an area where 5 or 6 years ago the house you wanted (maybe the house you needed to have the same kind of living standard as your parents) was $450,000 and now it's $250,000, that's $200,000 in savings. Even with a decent salary and a high savings rate of your after-tax income, it would take several years of your life to save up that much money. So the drop in housing prices basically gave you back several years of your life in savings. I realize that in general, higher housing prices make people happier since most people are "homeowners", but for young people who are not homeowners the opposite is true.
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