The average house price in the 80s was 3x the typical family’s annual income. Yes, 21% was high but had much smaller principals comapred to the 5%+ we have now when homes are at least 7x the typical family income.
Even worse in CCOL (Crazy Cost of Living) areas like Toronto or Vancouver. Vancouver needs a family income of over 225k to qualify for a mortgage on the average house price. This average house is not a dream home, you’re lucky if it’s 1200 SQ feet and in a safe neighborhood. Or within a 75 minute drive to work. Don’t even get me started on trying to buy a car today either.
I think what we need to do is not compare how fucked it was then, I don’t disagree that it was.
However it’s clearly fucked now and nobody’s doing anything to unfuck it.