09-11-2009, 06:07 PM
AAA wrote:
Houses are cheaper now. So, income remains same, people can afford more house.
I purchased my home in 2000. Nine years later, it's value is still double what I paid for it in 2000 (at least according to the appraisal I had back in May). My annual raise from 2000-2007 was 2.8% annually. In 2008 my employer instituted a wage freeze, and for 2009, I am enjoying 15 days of unpaid furlough.
There is no way I could come up with the 10% down payment for my house if I had to buy it again.