Once again, I see that an apparent member of my generation (baby boomers) is clueless about changes in our nation’s economy. I refer to the letter from Gail Fenander (“Interest rates are manageable,” Our Readers’ Views, Nov. 1).
Ms. Fenander implies that those who want to buy homes now, but can’t afford to, are simply not trying hard enough. To support that position, she notes that she and her husband purchased a home in 1985 at an interest rate several points higher than the roughly 8 percent would-be buyers are facing in today’s market.
However, she neglects to mention the price of that home in comparison to her household’s annual income. Given what I’ve discovered in my research, I’ll bet that house didn’t cost six times their income, which is at least the ratio now. It seems that some long-term homeowners are unaware of the staggering housing inflation that is crushing so many people in this country.
So, I say to Ms. Fenander and others who share her position, please do some research before criticizing those who aren’t as financially comfortable as yourselves.
