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The crux of it is that rent increases based on a mixture of inflation and demand. Once the loan is established it's not subject to inflation or demand so unless you go back and borrow more, the loan itself doesn't change. Back in 1984 a $24k loan would have been a reasonable amount of money...

Look at it from another perspective. If you took an interest only loan 30 years ago (in 1984) to buy a property, how much would that loan have been and how much would it be costing you today? If the property cost $30k back then, the loan might be $24k (80%) and interest would cost $1,200 a...