Log in

goodpods headphones icon

To access all our features

Open the Goodpods app
Close icon
Indy's Real Estate Gurus - How will inflation affect your Homes Value?

How will inflation affect your Homes Value?

06/07/22 • 30 min

Indy's Real Estate Gurus

And I think that's when you hear about it on the radio or the news and are they I think that is what a lot of people are missing. So, I did a little research. So let's say you bought a house in 1973. The average price of a house then was about $45,000. Okay, so now if you say people can, people could afford that, but how much were you making? You are making close to what they're making now.
So, and then in 1995, it was close to 150,000. Okay, does that sound bad? No, it's, it's just a progression of that's the way it's going. Well, guess what, when you worked at, even when I got when I was in high school when I first came out of work, I made about $7.25 an hour, I worked at Blockbuster, that tells you how old I am. So, $7.25. Now, if you go to McDonald's right now, and you want to work, how much do you make, it's 15 $17 an hour. I go, they'll give you anything you want just to get you to work. There I go. Okay, so that's almost double what I was making. So the price of living, I mean, the price, your income has changed. And I think that's not what a lot of people are hitting on

minimum wage. And truthfully, I don't remember what it was. But I believe that back in when I would have been doing that. So I graduated in, you know, the late 70s. So let's say in the late 70s, or early 80s. I think it was around that time, we could look it up, but somewhere around $3 for some reason. $3.10 sticks in my mind. And what's minimum wage today?

Connect with Us:
For more episodes of Indy's Real Estate Gurus, visit IndysRealEstateGurus.com. Join our community for more insightful real estate discussions, tips, and expert advice. Don’t forget to subscribe to stay updated on the latest episodes!

Follow Us on Social Media:

Contact Us:
Have questions or want to get in touch? Email us at [email protected] or call or text us at 463-223-9592. We love hearing from our listeners!

Support the Show:
If you enjoy the podcast, please leave us a review on your favorite streaming platform. Your support helps us grow and reach more real estate enthusiasts like you!

plus icon
bookmark

And I think that's when you hear about it on the radio or the news and are they I think that is what a lot of people are missing. So, I did a little research. So let's say you bought a house in 1973. The average price of a house then was about $45,000. Okay, so now if you say people can, people could afford that, but how much were you making? You are making close to what they're making now.
So, and then in 1995, it was close to 150,000. Okay, does that sound bad? No, it's, it's just a progression of that's the way it's going. Well, guess what, when you worked at, even when I got when I was in high school when I first came out of work, I made about $7.25 an hour, I worked at Blockbuster, that tells you how old I am. So, $7.25. Now, if you go to McDonald's right now, and you want to work, how much do you make, it's 15 $17 an hour. I go, they'll give you anything you want just to get you to work. There I go. Okay, so that's almost double what I was making. So the price of living, I mean, the price, your income has changed. And I think that's not what a lot of people are hitting on

minimum wage. And truthfully, I don't remember what it was. But I believe that back in when I would have been doing that. So I graduated in, you know, the late 70s. So let's say in the late 70s, or early 80s. I think it was around that time, we could look it up, but somewhere around $3 for some reason. $3.10 sticks in my mind. And what's minimum wage today?

Connect with Us:
For more episodes of Indy's Real Estate Gurus, visit IndysRealEstateGurus.com. Join our community for more insightful real estate discussions, tips, and expert advice. Don’t forget to subscribe to stay updated on the latest episodes!

Follow Us on Social Media:

Contact Us:
Have questions or want to get in touch? Email us at [email protected] or call or text us at 463-223-9592. We love hearing from our listeners!

Support the Show:
If you enjoy the podcast, please leave us a review on your favorite streaming platform. Your support helps us grow and reach more real estate enthusiasts like you!

Previous Episode

undefined - The 5 most critical things you need to know before you apply for a mortgage.

The 5 most critical things you need to know before you apply for a mortgage.

You and I were briefly talking before this about things that you do for the first time. So if you're building a table, you did it for the first time, it took you three or four times longer. Well, you do that two or three more times. Guess what? You worked out all the kinks, you know exactly what to do you know the ins and the outs. And is the same thing with a mortgage the first time you did a more do a mortgage. You don't know everything. I mean, when I first did one I was pictured in my mind was a 30 year conventional. I didn't want to pay PMI because I didn't want to pay the interest on it and I thought that was totally anti I was totally anti PMI. So I waited till I had 20% and then I went and got a house But thinking back Heck, I did it wrong way, I could have done something so much different and had a house a lot sooner and had more equity and everything prior to even where I am now. So what that's what brought up the whole conversation is what do people learn later that they should they wish they would have known before? And I think one of the main things is, is when I did a mortgage, they actually quoted me a 30 year. I mean, in my mind, I thought that 30 year was great anyways. But did you know you know, 25 year? Did you know you do a 20? Did you know that just like you were talking there right now in arm, it might be the best, best way for you. But without those options, are you knowing, Hey, maybe I should ask that guy that question. You may not know.

Connect with Us:
For more episodes of Indy's Real Estate Gurus, visit IndysRealEstateGurus.com. Join our community for more insightful real estate discussions, tips, and expert advice. Don’t forget to subscribe to stay updated on the latest episodes!

Follow Us on Social Media:

Contact Us:
Have questions or want to get in touch? Email us at [email protected] or call or text us at 463-223-9592. We love hearing from our listeners!

Support the Show:
If you enjoy the podcast, please leave us a review on your favorite streaming platform. Your support helps us grow and reach more real estate enthusiasts like you!

Next Episode

undefined - How will inflation affect the housing market?

How will inflation affect the housing market?

Yeah, it's, it's tough. I mean, I've had times in my life, I had more debt than other times. And when you have more debt, you have more stress. And you have, you know, a lot of times that stress rolls over into a lot of other parts of your life, it may be financial stress, but it may affect your marriage, it may affect your kids, it may affect your job, if you can eliminate that it can really be life changing.

So one of the things that has added a lot of people's stress to their life, as we've talked about, and what the Debt Crusher can definitely help with is the gas prices. Right? I know that everybody has seen the gas prices go up dramatically recently. I think Indiana was just I just got a notification on my phone a couple of days ago that the average now is over $5. I think the national average is like $4.93 or something like that.

Right? Yeah. $4.93. Now, it may have gone up since I put this these numbers together, because I found this very, very interesting. Using a gas price at $4.93. And using last year's gas price at $3.07. So that's that's not even the total because we were at $2. Not that long ago.

Yeah. Right. Actually, when everybody was working from home, I think it was like it was maybe even under two, I think times I filled up and I was like, I even took a picture and sent it to everybody. Everybody look what I just filled up for. Right?

Yeah. Because you know, then I was filling my car up for 40 $45. Yep, a full fill up. I filled up my car last Sunday, and it was almost $100 to fill up my car. Now you do have a premium? I have to put premium in my car. But yeah, there's that. Yeah, that that it does have to have. But it's still it was, it's still the same increase, I had to put premium at $40 to so that $50 A month almost $60 Not a month, a fill up. Is that's what it is. You know, and that's a lot. But let's take the difference between the average for the gas now. proximately. I think it's higher, but for $4.93. And last year at $3.07. That's $1.86 More a gallon that we are spending if you take the average miles per gallon, some cars get more some cars get less, but the average miles per gallon is 20 miles per gallon if you take city and and highway driving the whole bit right. And so that added point, basically nine cents a mile. nine cents a mile. That's to drive in your car. That's what it added about. Stop driving to work. Yeah.

It if you take that by 14,000 miles, which is the average approximately the average miles driven per year, that's $1,260 additional per year or $105 per month. That is unbelievable. And that can really affect somebody's budget.

Oh humongous...$100 extra a month. That's just crazy. You're having to spend now on gas.

Connect with Us:
For more episodes of Indy's Real Estate Gurus, visit IndysRealEstateGurus.com. Join our community for more insightful real estate discussions, tips, and expert advice. Don’t forget to subscribe to stay updated on the latest episodes!

Follow Us on Social Media:

Contact Us:
Have questions or want to get in touch? Email us at [email protected] or call or text us at 463-223-9592. We love hearing from our listeners!

Support the Show:
If you enjoy the podcast, please leave us a review on your favorite streaming platform. Your support helps us grow and reach more real estate enthusiasts like you!

Indy's Real Estate Gurus - How will inflation affect your Homes Value?

Transcript

Announcer 0:05

Advisors Mortgage Group is proud to present in these real estate gurus hosted by Rick Ripma, the hard working mortgage guy, please contact Rick for all of your mortgage needs at hardworking mortgage guy.com That's hardworking mortgage guy.com. Now, here's the hard working mortgage guy, Rick Ripma.

Rick Ripma 0:32

Welcome, and thank you for joining us. This is Rick Ripma, your hard work and mortgage guy, and this is Ian Arnold with Advisors Mortgage Group, we

Episode Comments

Generate a badge

Get a badge for your website that links back to this episode

Select type & size
Open dropdown icon
share badge image

<a href="https://goodpods.com/podcasts/indys-real-estate-gurus-353216/how-will-inflation-affect-your-homes-value-51035389"> <img src="https://storage.googleapis.com/goodpods-images-bucket/badges/generic-badge-1.svg" alt="listen to how will inflation affect your homes value? on goodpods" style="width: 225px" /> </a>

Copy