Goofyernmost
Well-Known Member
In 1963 my parents bought the home that my sister still lives in for $12000.00. ( thirteen years ago it was appraised at $240K) and it is the same basic house except my Dad built a two car detached garage) It was a three bedroom ranch, full basement and fireplace. At the time that was considered a notch above a starter home. My first one cost 25K in 1975. However, when comparing one has to make sure we remember what salaries were then. At the time my dad was making $7500. per year and supporting four of us. I was earning around $9000 per year and my wife was working part-time. What was helpful was daycare was only around $35.00 per week for two kids. Currently my children are paying around $1200. per month in mortgage payments, plus there are taxes and insurances and upkeep. My oldest just did a $100K remodel to theirs. I don't know how much they make, but, I know I can't ever wrap my brain around that. That's why I pay $900 per month to rent, $100 per year for insurance, no property tax, and all repairs are taken care of by making a simple phone call or text message to the office. It makes life so much simpler and when I pass on there will be no infighting about how to divide up my assets. There ain't none! Just fond memories of dear old dad.I recall a conversation I had with my father a long time ago. He told me that they paid $15,000 for the family's house (around mid-1950s). That basic American family home had full front and back yards, a two-car garage, a basement through attic, 2 bathrooms, 4 bedrooms on the 2nd floor, a livingroom, dining room, and kitchen.
Yup, $15,000 . . . and only he had a regular, full-time job. My mother stayed home and raised the 4 children.
Amazing, isn't it?
Depending when I make that final move there might be a modest amount of cash, but, at this point my intention is that it will be pretty much all gone by then. Maybe I should just forget about the "fond" memories part.