Brandon J. O’Brien quotes Tom Sine who estimates that those born in the 1930s spent 30% of one income on a mortgage; those born in the 1980’s need 50% of two incomes to support buying a house.
I remember that my parents bought a house in the 1960s on just my father’s income. Jan & I are struggling to make a house payment on just (her) one income right now, and we have to dip into savings every month to make ends meet. I know several families that have two incomes and still can’t buy a house.
Does anybody have a solution for this? Some of it is learning to live in smaller houses again. You look at houses built in the 1950’s and they are the size of just the great room of many homes built in the 1990s. But maybe people of faith are finding other ways of responding to this crisis, as well.