Four years ago, when you were 24, you graduated from college and landed a good paying job. At that time you purchased your “starter home” for $200K. Since then, the housing market in the city where your home is located experienced unusually high rate of price appreciation and a local real estate agent informed you that if you were to put your home on the market today, you will be able to sell it for about $350K.
a. Did the recent abnormal housing price appreciation benefited you? Explain in 3-4 sentences.
b. What kind of individuals benefited the most from the recent price appreciation described in this question? Explain in 2-3 sentences.
c. What kind of individuals suffered the most from the recent price appreciation described in this question? Explain in 2-3 sentences.