They are lying to you about the cost of homes in 2023

I always get bombarded with the negative economic headlines and it is not only confusing, but quite honestly, infuriating.

Spoiler Alert! Economies continue to flow on because PEOPLE always need food, clothing, shelter, healthcare and entertainment. The world is not grinding to a halt. There are no doomsday hell fire and brimstone coming to wipe us all out of existence.

And no it is not beyond the average person’s income to purchase a home and investment property.

One of the biggest lies is that somehow it was so much more affordable in the past to buy a house.

Let’s look at the numbers and compare 1980 to 2023.

The average household brought in about $15000 a year in 1980 in Louisiana.

It cost about $64,000 for a house.

Your income in 1980 was 23% of the cost of a house

Mortgage interest rate in 1980 was a jawdropping 13.74%

making your month payment $727 which sounds great until you realize that’s $8724 a year and in fact, it is 58% of your income just for your mortgage

How do things look in 2023 in Louisiana?