The disproportionate tax burden

[il Padrino Ute]

Originally Posted by MikeWaters

were middle class homes 300,000 dollars at that point?

No, they weren't. But this was in 1975.

My parent's first home, which the bought in 1961, was a 1600 sf place that cost $14,000. The mortgage payment was $175. They had to sacrifice in order to pay for it, because they were making close to $7,000 combined.

If you feel I was being critical of your Dad and you, I apologize, because I wasn't. I was just trying to point out the relevance of a salary in a different time period. In the mid-70s, $25,000 could provide a comfortable living for a family.

[ERCougar]

Originally Posted by MikeWaters

were middle class homes 300,000 dollars at that point?

The size of a "middle class home" has dramatically increased over the last 30 years, and that is part of the problem. Are we really that much larger?

[Jeff Lebowski]

Originally Posted by il Padrino Ute

Amazing, isn't it?

When Dad quit teaching to be a general contractor, I remember him saying that if he could get to the point of making $25,000, life would be good.

My dad built us a new house in 1969. He borrowed $10K. I remember being petrified at that huge number. I was sure that we wouldn't be able to pay it off and the police would put us in jail.

[MikeWaters]

Originally Posted by il Padrino Ute

No, they weren't. But this was in 1975.

My parent's first home, which the bought in 1961, was a 1600 sf place that cost $14,000. The mortgage payment was $175. They had to sacrifice in order to pay for it, because they were making close to $7,000 combined.

If you feel I was being critical of your Dad and you, I apologize, because I wasn't. I was just trying to point out the relevance of a salary in a different time period. In the mid-70s, $25,000 could provide a comfortable living for a family.

I'm not being critical. I am merely pointing out that the house they bought was only double their income (how many people can say that today).

The house my parents bought was two and a half times their income and was less square footage than your parents (<1200), in a small town.

So that amount of money could have very well been more money than my parents.

My parents certainly weren't rich, but what if your parents had lost that $7000 in income and took a dramatic dip. Hard times.

[MikeWaters]

Originally Posted by ERCougar

The size of a "middle class home" has dramatically increased over the last 30 years, and that is part of the problem. Are we really that much larger?

I grew up in a 1100 to 1200 square foot home. 1 bathroom. 2 adults, 3 teenage boys. I don't recommend it unless family harmony is a strong point.

I've probably mentioned his before, but it never fails to make me laugh. My dad installed a toilet in his bedroom. As in, right in the corner of the room, no wall, no privacy curtain, no anything, is a toilet. Good times.

He later took it out.

[il Padrino Ute]

Originally Posted by MikeWaters

I'm not being critical. I am merely pointing out that the house they bought was only double their income (how many people can say that today).

The house my parents bought was two and a half times their income and was less square footage than your parents (<1200), in a small town.

So that amount of money could have very well been more money than my parents.

My parents certainly weren't rich, but what if your parents had lost that $7000 in income and took a dramatic dip. Hard times.

Yes, if my parents had lost that income, it would have been very difficult times. Fortunately for us, they had a career in which even incompetent people rarely get fired.

[ERCougar]

Originally Posted by MikeWaters

I grew up in a 1100 to 1200 square foot home. 1 bathroom. 2 adults, 3 teenage boys. I don't recommend it unless family harmony is a strong point.

I've probably mentioned his before, but it never fails to make me laugh. My dad installed a toilet in his bedroom. As in, right in the corner of the room, no wall, no privacy curtain, no anything, is a toilet. Good times.

He later took it out.

You laugh, but I could tell you some funny stories about what we did to get by in poorer times (as I'm sure you could). The problem is that people aren't willing to do these things any more. Usually, they're temporary, while they live within their means and move up the ladder. But you can't move up the ladder until you accept the rung you're on.

[MikeWaters]

Originally Posted by ERCougar

You laugh, but I could tell you some funny stories about what we did to get by in poorer times (as I'm sure you could). The problem is that people aren't willing to do these things any more. Usually, they're temporary, while they live within their means and move up the ladder. But you can't move up the ladder until you accept the rung you're on.

Sure you can. Zero down, no payment until Jan. 2009.

[Tex]

Originally Posted by MikeWaters

HE LOST HIS JOB.

Did he get another one?

[MikeWaters]

Originally Posted by Tex

Did he get another one?

No. He's been living under a bridge since '84.