Inflation adjusted housing cost per square foot has remained remarkably constant for decades. Thus, given higher interest rates over the same fixed timeframe, relative payments were higher.
> Inflation adjusted housing cost per square foot has remained remarkably constant for decades
I think you mean for the first year. With higher inflation everyone got big wage rises each year which quickly made mortgages more affordable. Now wages are stagnating so even 10 years later most people dont earn much more than when they first took out the mortgage.
