Over a period of time, will I be paying less for my mortgage after my inflation-adjusted income is factored in?
My income is $50k per year. I assume that this would be much higher in 30 years if you adjust for inflation (even assuming that I don’t get promoted and only make equivalent to $50k per year 30 years from now). Thus, my income could possibly be $150k 30 years from now after inflation.
So does this seem accurate... in year 2045, I would be making $150k per year in income (I would still be a few years away from retirement age) and I would only have a $1k per month mortgage (that would be paid off in a couple of years afterward)?
I understand that the house would depreciate and I would need to fix it up, but I’m curious as to the income to debt that I’m talking about here.