A recent article entitled "4 Bedrooms for the Price of 4 Wheels" is getting a lot of attention this week because it illustrates how low house prices have gotten in some areas of the country compared to the price of cars, which doesn't vary much geographically.
This story also illustrates the huge differences in how people in various parts of the country view this economy. If you live in an area where $40,000 is the going rate for a house, you've known about the economic difficulties we're having for quite some time. But if you live in an area where the average home price still tops $300,000, you may think of the recession as something that happened a few years ago and is long gone.
Nevertheless, the economic problems we have on a national level continue to cast a pall on our economic future. This is why it's so important to prepare your children for the new economy. Just because things are good where you live now doesn't mean they won't change, or that your children will stay in your area.
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We don't buy new cars anymore because of this. And we made it a priority to pay off our house as much as possible.
I'm with you, SCM. Our last new car was a 1991 model. We paid cash for it, but prices have gone up so much since then that we now buy used cars. As for the house, paying it off is so freeing!
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