Earlier quoted context omitted.
That $40k home isn’t so cheap when you make $13k and interest rates were 11-15%. My entire extended family mostly bailed out of NYC because they bought houses for $10-25k in the 70s and sold for 20x in the late 80s. That profit gave that generation a vault up the ladder and the prime the pump mortgage policy made a few rich.
> That $40k home isn’t so cheap when you make $13k and interest rates were 11-15%. With a decent down payment (lets say ~15%) that's still less than 5 years salary even with interest, which would be completely acceptable terms especially since cost of living was way more affordable back then and the population had ~10 million people less than today in the 90s. Just to give you context that's more in population increa…
Places change, and places with little historical roots as most of the US tend to change even faster. That’s just how it is.