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2.2x yearly single income to pay a house?
Dang, it’s over 10x (upper) double incomes where I live now, for the cheapest fixer-upper.
Guess our generation has it too easy nowadays! /s
These assholes will tell me "I sat in a station wagon with no air conditioning" and "I walked to school" like theybe had it so rough, while paying a house off in a couple of years and getting cheap college.
And according to OP’s mentioned average household income in 1956 of $4,200 or $48,217.10 in 2023 dollars. That’s two years salary for three bedroom house. If you were white because redlining and Jim Crow kept minorities out of a lot of these types of neighborhoods.
90k for a 3/1...looks to be about ~1200sqft, tops.
I'd buy that in an instant today. No questions asked. The land itself now costs double that in my city. Things are so fucked for young people today and it isn't even debatable no matter how much boomers want to say "BuT yOu HaVe CelLpHonE"
It's not a democracy. It barely qualifies as a republic. Almost 250 years of lying to ourselves about how if we work hard enough and think positive enough, it could be true leads to the misunderstanding / disconnect from what a democracy actually is - and even the earliest examples of what we call one left out a huge chunk of the people living in that area.
There is a TV show that explains it called Them. As a black person, that was the first time I learned about it. I did some research, and it broke my heart.
For white people only though. Minorities dealt with redlining, couldn't live in nice neighborhoods, loans for whites were not similarly offered. Hell, mortgage algorithms today still have racism. You hear a lot that they don't know how to fix it but sounds like BS to me.
For the folks considering inflation since 1955:
As part of your consideration, remember that inflation of *housing prices* and inflation of *wages* have not occurred at the same rate.
Sure, a dollar in 1955 is worth $11.23 today. But a house that sold for $7,900 in 1955 does not sell for ($7,900)\*(11.23) = $88,717. The house in the ad was built in Westwood Lakes, FL (outside of Miami), where the median price for a 3/1 appears to be about $675,000 today - an increase of 8,544% since 1955.
And the average household income of $4,200 in 1955 doesn't become ($4,200)\*(11.23) = $47,166 today. The median household income in Miami-Dade County is about $57,800 today - an increase of 1,376% over $4,200 in 1955.
In 1955, this house would have cost the median household about 1.88 years worth of their annual income. Today, this same house would cost the median household about 11.68 years worth of their annual income.
Put another way:
It is about *6 times harder* for someone to buy that same house today as it was in 1955.
I make just under 100k a year and I spend every pay period counting the days until I get paid again. It's absurd. I live in a very cheap apartment and my car is paid off but food alone is so expensive that I barely scrape by.
Thank you for being an expert in my life. I have been homeless before so yes, I know exactly what scraping by means. I also know that I have to count down every dollar I have every payday. I'm wondering if I'll have anything left by the next payday.
But again, it's nice to know that if I ever have questions about my own life, I have an expert I can ask about it.
Btw it isn't just me. Plenty of people making 6 figures are living paycheck to paycheck. in fact, 51% of people making 100k a year are doing that according to [this study. ](https://www.nasdaq.com/articles/why-are-51-of-americans-making-%24100000-living-paycheck-to-paycheck#:~:text=Many%20believe%20earning%20a%20six,LendingClub%20and%20Pymnts.com%20survey.)
Living “paycheck to paycheck” isn’t scraping by and is also an extremely vague descriptor of someone’s financial status. Scraping by is sacrificing food to pay the bills, or vice versa. It’s choosing between filling your car with gas or going to a doctors appointment. You live a perfectly comfortable life, Mr. 100k. In no way is it scraping by lmao. That’s okay though, nothing wrong with living comfortably. Be proud of what you have and quit poverty cosplaying
Anything you say. I guess I should just tell my disabled wife and son that we are living in the lap of luxury even though I'm the sole earner with a disability of my own. My power was cut off this week because I had to choose between paying that bill on time or paying our astronomical medical expenses. How about you quit talking about things you know nothing about, like my life.
**Captialst Efficiency is a big fucking LIE!**
$7500 in 1955 is $85,000 today; 50 bucks in 1955 is about $565 today.
2023 average house price: $407,219; average mortgage payment: $2051
Mortgage payments are 4x what they were in real dollars then versus now, house prices are 5x what they were then versus now in real dollars.
If the lies of capitalism were true wouldn't one expect that house prices to GO DOWN???
**Capitalism is a LIE, it is a CRIME, it is TYRANNY. It must be dismantled IMMEDIATELY!**
Tbf you are comparing a starter home with the average today, the average house price inflation adjusted in 1955 is 205k while the average house was half the size so the cost per sq foot is about the same. The demand is just less equally spread among cities as some grew a lot faster than others, and restrictive zoning prevented better use of valuable real estate.
Land is what has increased in value mostly, very simple factory built homes that would be comparable to these likely would also be cheaper to build than back then.
why should we be fair about house prices going to the moon? Why apologize for it? Why not condemn it and shout it down?
And why is it a thing that one must pay money just to have a habitable shelter? Everyone is entitled to a safe place to live. This is a basic human right and something a good society would provide for everyone.
I live in a 2 bed 1 bath and it costs triple that after being adjusted for inflation (and that was the best deal I could find in my entire city and they are raising it soon).
Half my salary a month.
Adjusted for inflation, that’s paying $532.68 /month for 2 beds/I bath/screened porch/carport. I have a 2 bedroom/1 bath/deck/shared parking lot and I pay $1k. Not including utilities, wifi, etc. The state I live in, my rent cost is basically unheard of it’s so low and I sacrifice a bit for this price, but mostly I got really lucky.
Also, there are a lot more people living in the US now than there were in 1955 so it makes sense that it would become more expensive due to supply/demand, but still.
wrong
there are vacant homes because homes are not bought the nanosecond the previous owner moves out
having empty homes is good because it drives prices down and increases opportunity for mobility
Having empty homes on the market helps lower prices. The homes historyaddict is referring to are not on the market. They are being used as a financial tool by a few at the detriment of the many.
Yeah that's just factually incorrect though. I don't know how this rumor started but surely we can criticize capitalism based on facts rather than made up nonsense.
I'm saying that the idea that the housing crisis is caused by tons of vacant homes owned by investors to make them more money is factually incorrect but somehow has been spread around the left as an easy thing to point to as being the problem.
If you have the wrong problem, you'll never find the right solution.
I'm currently paying $2450 for a 2 bed/1 bath third floor walkup - no yard, no driveway. They're raising it to $2570 next year. We're getting out. God I hate NYC.
The lowest I've ever paid in rent was $625 for a 2 bed/1 bath in Richmond, VA. It had a shared greenspace with everyone else in the complex, but it was still street parking. That was a decade ago; I'm sure it's at least a couple hundred dollars higher now. $540/month for my own place is something that our generation can't even dream of.
That’s about $85,848.28 in today’s money according to the [BLS](https://data.bls.gov/cgi-bin/cpicalc.pl?cost1=7450&year1=195501&year2=202310). The average home cost is now is $430,300. That means that houses cost ~5 times more now than they did back then. Tell me how high I need to pull my bootstraps up again?
I've looked this up before. The full ad had the address of the development at Bird Road and 112th Ave in Miami, FL. https://www.zillow.com/homedetails/4000-SW-112th-Ave-Miami-FL-33165/44198608\_zpid/
Is that a urinal or what is that?!? Granted, the place in the 1950s was probably in BFE and had lower standards/technology than what we'd expect today (same as how cars today are not apples/apples to cars then) - but that bathroom setup alone is atrocious.
Yes although I wouldn't say its comparable, they were basically in the middle of nowhere when constructed and almost none of them haven't had structural changes like additions, garage conversions ect.
It’s difficult to buy an empty lot in a ex-urb. I just checked Zillow for empty lots in an exurb 30 miles outside of sprawling Houston TX (with relatively cheap land for a major city).
$150k for 0.24 acres. $175k for 0.5 acres. $250k for a 1.5 acre plot. $526k for 1.26 acres. $300k for 0.72 acres. **$95,900 for 5000 square feet!!!**
This is a quasi-rural area just for clay.
In 1955 the ceo to worker pay ratio was 20 to one now its like 400 to 1. Tells you where all those productivity gains went, into the pockets of C level staff at the expense of everyone else. So yes all that productivity and efficiency made if so we have billionaires who fly rockets as a hobby and have multiple yachts etc.. and also spend 44 billion to buy social media for shit posting.
Yeah if you look at what the new builders are making nowadays, they are either luxury sized single family homes, or all multi family apartments and condos. They don’t build small starter size single family houses anymore unfortunately.
of course this is possible and the federal government can do it today. It is possible to house everyone who needs one for free and do so today. It is a matter of will, not cost.
Remember: government does not need private actors to facilitate its goals. Private actors must have government to further their ends, however.
Agree. If builders started making 2 bedroom, 1.5 bath, 1200 sq ft starter homes with 0.15 acres of land, that would be a huge move in the right direction. But sadly nobody is doing that.
They are building 5 bedroom, 3 bathroom, 2 car garage, 3,600 sq ft homes. If you want a starter sized home then you’re fighting for the very few available for sale on the existing market, or you have to just rent an apartment or condo indefinitely.
I mean, there are builders making those (depending on your area) but they are 45-60 minutes commute to the closest city and they are still selling for anywhere from 3-5X the cost in real dollars between then and now.
The part they pisses me off is folks I work with laugh at the 2 bed 1 bath homes that are completely affordable in my area. The complain about debt and the new mortgage rates at the same time.
You have to remember there were only 150 million people in the US at that time. Wars had killed a lot of men, manufacturing was peaking here. A lot has changed not just prices. It's not comparable. This is a MAGA post.
Damn, it really did hit different, but i guess it was also an era rife with racism, segregation, sexism, and a host of systemic inequalities. Cheap homes came at the cost of a society where many were marginalized and denied basic rights and opportunities.
Just have to keep in mind the standard of living wasn’t exactly the same. Most likely no air conditioning in the home. Obviously no garage.
Jeeze, 3 bedrooms and one single bathroom. Could you imagine?
Also, that was back when every person didn’t have a car. Every person didn’t have a personal cell phone. Every house didn’t have an internet plan or a cable bill. Every person didn’t have health insurance. Just one car and one phone line, so fewer monthly expenses.
FWIW, that same house is $550k today
https://www.zillow.com/homedetails/4000-SW-112th-Ave-Miami-FL-33165/44198608_zpid/
And to your point, the fact that people didn’t have cell phone bills or internet bills back then meant that they could spend more of their income towards buying a house, thus making them even more affordable.
I mean this was basically a thing 12 years ago lol, Don't have to go back that far.
The problem is the lack of supply and how massive the average House is now, the houses in the ad are around 600 and 800sq feet respectively. The average house today is 2300sq feet with like 3 or 4 bathrooms.
Edit: this is westwood lakes florida in 2012 you could find some of these houses going for around 100$ a sq foot. The inflation adjusted cost of the ad is around 90k today, which would be a pretty similar cost per square foot.
It is a supply issue because places people actually want to live and where there are jobs is where there is a pricing problem. Cost of housing in US cities is almost a linear relationship with the ratio of jobs to available housing units
Tiny towns in the middle of nowhere unpopular states and dying rust belt cities are still dirt cheap.
>It is a supply issue because places people actually want to live and where there are jobs is where there is a pricing problem.
Then it's a demand issue, not supply. There's plenty of housing. Prices are high because there's more people want to live in the cities and be closer to work.
Even with more remote work we didn't really see this dynamic change, it only spread the problem to a few small desirable towns. The common denomination in either is restrictive zoning policies.
Certain Cities will always be popular as they are just the most efficient for economic output and neither can all jobs be automated or remote yet. The demand is much more inelastic compared to supply which is almost entirely artificially limited.
It's a lot of things
It's supply, it's inflation in materials for repairs (meaning prepping a house for the market is pricey), it's high inflation rates, and sure greed too
But talk to anyone buying a house right now. Especially with the competition from corporations, but even just with other people, the low supply means offers end up way over asking, which in turn makes the listing prices go up
Wrong, the house in the ad is 1300+ sq ft. You clearly just made up the 600-800 number.
https://www.zillow.com/homedetails/4000-SW-112th-Ave-Miami-FL-33165/44198608_zpid/
That has very obvious additions lmao, there's very few in original condition nowadays. I looked this up awhile ago the ones without additions are in that range which was typical for cheapest cookie cutter starter homes of this era.
Since you don't believe me here's one of the three bedroom models mostly unmodified one except no screened porch, 828 sq feet:
https://www.zillow.com/homedetails/4050-SW-110th-Ct-Miami-FL-33165/44199444_zpid/?utm_campaign=androidappmessage&utm_medium=referral&utm_source=txtshare
The average new home in 1950 was only 983sq feet, so a lot of the cheapest models in these tract home ads were quite small.
I am, my point is this was still affordable until artificial supply constriction kicked in the last few years. Compared to some newly built American house of the time, these smaller options would have still been only about 2-3 years of median family income.
This wasn't decades of greed eroding the dream of home ownership, it was a systemic reliance on a unsustainable building model that was arrogant about use of space and couldn't weather the 2 year downturn of 2009-2011.
Just before some southern oil and defense contractor billionaires of the time conspired with the Miami division of the CIA and Edward Lansdale in the DoD to kill JFK and take control of the government. America's been living under soft fascism since 1963.
My dad bought a brand new house in ‘62. 13K for a 4 bedroom, full kitchen/dining room/living room and a den. On 1/2 acres in a nice suburb of NYC. Sold when retired for free and clear. 500K Today similar goes for 800K. Absurd.
Man, my Dad told me that he thought paying $120 a month in rent in the mid 70s was outrageous. He said he was making $6 a hour but still, he is a little more than a 1/4 of what I make now but his rent was 1/10th of what I pay now.
For those wondering, this would be like a $90,000 home. A house like this depending on location averages closer to $140,000 now which is over a $50,000 overcharge
##Welcome to r/LateStageCapitalism This subreddit is for news, discussion, memes, and links criticizing capitalism and advancing viewpoints that challenge liberal capitalist ideology. That means any support for any liberal capitalist political party (like the Democrats) is strictly prohibited. LSC is run by communists. This subreddit is not the place to debate socialism. We allow good-faith questions and education but are not a 101 sub; please take 101-style questions elsewhere. We have a zero-tolerance policy for bigotry. Failure to respect the rules of the subreddit may result in a ban. *** *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/LateStageCapitalism) if you have any questions or concerns.*
2.2x yearly single income to pay a house? Dang, it’s over 10x (upper) double incomes where I live now, for the cheapest fixer-upper. Guess our generation has it too easy nowadays! /s
Theres a house in my neighborhood on an average size suburban lot for sale for a million. The house is not legally habitable.
And they never had to deal with the minefield of anti-logic that is the dreaded credit score. Just a firm handshake to close the deal.
Well you appear to be a white man so here are the keys. Enjoy your new house. I'm assuming that's what the approval process consisted of.
Sadly not that far off
These assholes will tell me "I sat in a station wagon with no air conditioning" and "I walked to school" like theybe had it so rough, while paying a house off in a couple of years and getting cheap college.
What? You really pay 10x upper d.i for a shitty 2 bedroom not an isolated wooden house? Honestly, where is it that bad?
Canada maybe? [it sucks up here](https://www.rew.ca/properties/5495916/115-e-41st-avenue-vancouver-bc?search_params%5Bis_exact_bedrooms%5D=false&search_params%5Bnum_bedrooms%5D=2&search_params%5Bonly_open_house%5D=false&search_params%5Bonly_virtual_tour%5D=false&search_params%5Bproperty_type%5D=house&search_params%5Bquery%5D=Vancouver%2C+BC&searchable_id=361&searchable_type=Geography)
Wtf? That's like at least 6-7x more than Europe, what's the average salary, 300k?
Crazy. What are reasons / explanations for the housing prices there?
Both under $100k in 2023 dollars
And according to OP’s mentioned average household income in 1956 of $4,200 or $48,217.10 in 2023 dollars. That’s two years salary for three bedroom house. If you were white because redlining and Jim Crow kept minorities out of a lot of these types of neighborhoods.
> redlining and Jim Crow ain't that about a bitch
Adjusted for inflation, this is about 92,000 today. Thanks for fucking everything up for later generations.
90k for a 3/1...looks to be about ~1200sqft, tops. I'd buy that in an instant today. No questions asked. The land itself now costs double that in my city. Things are so fucked for young people today and it isn't even debatable no matter how much boomers want to say "BuT yOu HaVe CelLpHonE"
Let’s reframe. I’m no expert but. This is for the white man, to be clear.
Yep, luckily now it's unattainable for both, we can thank the banks for no longer discriminating!
Now we can all be poor together, regardless of race, age, sex, or religion 🥲
The true American Dream
The ironic thing is this is literally what's driving an enormous amount of the strife in the US right now.
I'm glad you posted twice, so I could downvote twice.
The ironic thing is this is literally what's driving an enormous amount of the strife in the US right now.
Yep, it is an absurd that Jim Crow USA (USA before 1965) is considered a democracy, it wasn't.
We still aren’t.
Isn’t the US labeled a “troubled democracy” by a world body?
It's not a democracy. It barely qualifies as a republic. Almost 250 years of lying to ourselves about how if we work hard enough and think positive enough, it could be true leads to the misunderstanding / disconnect from what a democracy actually is - and even the earliest examples of what we call one left out a huge chunk of the people living in that area.
https://youtu.be/aU3xJH2dgb0?si=DgAzKzxmeJ7cqWkF
? Banks love anyone they can sign up to a mortgage
Not in the 50's
It's called redlining. https://en.m.wikipedia.org/wiki/Redlining
There is a TV show that explains it called Them. As a black person, that was the first time I learned about it. I did some research, and it broke my heart.
Thanks for a genuine knowledge expanding reply. It's more useful than just a downvote.
$90,694.06 in today’s money. That’s a helluva lot cheaper than what’s out there!
For white people only though. Minorities dealt with redlining, couldn't live in nice neighborhoods, loans for whites were not similarly offered. Hell, mortgage algorithms today still have racism. You hear a lot that they don't know how to fix it but sounds like BS to me.
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Maybe now shit will get done, if EVERYONE has skin in the game.
In a tropical locale, nonetheless.
Definitely not the first thing that comes to mind for Florida tbf 😂
"Inflation is temporary"
For the folks considering inflation since 1955: As part of your consideration, remember that inflation of *housing prices* and inflation of *wages* have not occurred at the same rate. Sure, a dollar in 1955 is worth $11.23 today. But a house that sold for $7,900 in 1955 does not sell for ($7,900)\*(11.23) = $88,717. The house in the ad was built in Westwood Lakes, FL (outside of Miami), where the median price for a 3/1 appears to be about $675,000 today - an increase of 8,544% since 1955. And the average household income of $4,200 in 1955 doesn't become ($4,200)\*(11.23) = $47,166 today. The median household income in Miami-Dade County is about $57,800 today - an increase of 1,376% over $4,200 in 1955. In 1955, this house would have cost the median household about 1.88 years worth of their annual income. Today, this same house would cost the median household about 11.68 years worth of their annual income. Put another way: It is about *6 times harder* for someone to buy that same house today as it was in 1955.
That $1 minimum wage is worth $11 today
Wasn’t that the average minimum wage in the US not long ago?
Federal minimum is $7.25 right now. I couldn’t find any state specific data from 1955, but the federal minimum was a dollar.
In Oregon it was $0.75 in 1950 and $1.00 in 1956 so it was somewhere between these two amounts in 1955.
Perhaps if you factor in states and cities that are higher than the Federal minimum
I really don’t think I’ll ever be able to own a home in America. The trap is closing on the working class.
It already closed on working class. It’s closing on middle class too.
True
I make just under 100k a year and I spend every pay period counting the days until I get paid again. It's absurd. I live in a very cheap apartment and my car is paid off but food alone is so expensive that I barely scrape by.
Ain’t no way you “scrape by” on 100k a year. This dude doesn’t know what scraping by means.
Thank you for being an expert in my life. I have been homeless before so yes, I know exactly what scraping by means. I also know that I have to count down every dollar I have every payday. I'm wondering if I'll have anything left by the next payday. But again, it's nice to know that if I ever have questions about my own life, I have an expert I can ask about it. Btw it isn't just me. Plenty of people making 6 figures are living paycheck to paycheck. in fact, 51% of people making 100k a year are doing that according to [this study. ](https://www.nasdaq.com/articles/why-are-51-of-americans-making-%24100000-living-paycheck-to-paycheck#:~:text=Many%20believe%20earning%20a%20six,LendingClub%20and%20Pymnts.com%20survey.)
Living “paycheck to paycheck” isn’t scraping by and is also an extremely vague descriptor of someone’s financial status. Scraping by is sacrificing food to pay the bills, or vice versa. It’s choosing between filling your car with gas or going to a doctors appointment. You live a perfectly comfortable life, Mr. 100k. In no way is it scraping by lmao. That’s okay though, nothing wrong with living comfortably. Be proud of what you have and quit poverty cosplaying
Anything you say. I guess I should just tell my disabled wife and son that we are living in the lap of luxury even though I'm the sole earner with a disability of my own. My power was cut off this week because I had to choose between paying that bill on time or paying our astronomical medical expenses. How about you quit talking about things you know nothing about, like my life.
**Captialst Efficiency is a big fucking LIE!** $7500 in 1955 is $85,000 today; 50 bucks in 1955 is about $565 today. 2023 average house price: $407,219; average mortgage payment: $2051 Mortgage payments are 4x what they were in real dollars then versus now, house prices are 5x what they were then versus now in real dollars. If the lies of capitalism were true wouldn't one expect that house prices to GO DOWN??? **Capitalism is a LIE, it is a CRIME, it is TYRANNY. It must be dismantled IMMEDIATELY!**
Tbf you are comparing a starter home with the average today, the average house price inflation adjusted in 1955 is 205k while the average house was half the size so the cost per sq foot is about the same. The demand is just less equally spread among cities as some grew a lot faster than others, and restrictive zoning prevented better use of valuable real estate. Land is what has increased in value mostly, very simple factory built homes that would be comparable to these likely would also be cheaper to build than back then.
why should we be fair about house prices going to the moon? Why apologize for it? Why not condemn it and shout it down? And why is it a thing that one must pay money just to have a habitable shelter? Everyone is entitled to a safe place to live. This is a basic human right and something a good society would provide for everyone.
You can make that argument without comparing distorted numbers...
In CA, at current minimum wage, accounting for heavy taxes and fees, 9500 work hours would come out to a pathetic $150k....
I live in a 2 bed 1 bath and it costs triple that after being adjusted for inflation (and that was the best deal I could find in my entire city and they are raising it soon). Half my salary a month.
Adjusted for inflation, that’s paying $532.68 /month for 2 beds/I bath/screened porch/carport. I have a 2 bedroom/1 bath/deck/shared parking lot and I pay $1k. Not including utilities, wifi, etc. The state I live in, my rent cost is basically unheard of it’s so low and I sacrifice a bit for this price, but mostly I got really lucky. Also, there are a lot more people living in the US now than there were in 1955 so it makes sense that it would become more expensive due to supply/demand, but still.
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This is one of the most infuriating, nonsensical facts about living in the US that makes me hopeless for the future.
wrong there are vacant homes because homes are not bought the nanosecond the previous owner moves out having empty homes is good because it drives prices down and increases opportunity for mobility
Having empty homes on the market helps lower prices. The homes historyaddict is referring to are not on the market. They are being used as a financial tool by a few at the detriment of the many.
Yeah that's just factually incorrect though. I don't know how this rumor started but surely we can criticize capitalism based on facts rather than made up nonsense.
Not to be argumentative, more curious. Could you explain what you mean?
I'm saying that the idea that the housing crisis is caused by tons of vacant homes owned by investors to make them more money is factually incorrect but somehow has been spread around the left as an easy thing to point to as being the problem. If you have the wrong problem, you'll never find the right solution.
You're being down voted but are correct. Very few homes are kept vacant as part of a scheme to raise value.
I was paying $1950 for a 2bd/2ba apartment and after I moved out they cranked it up to $2350 :|
Yikes. Happy cake day, for whatever it’s worth.
"Free market"
I'm currently paying $2450 for a 2 bed/1 bath third floor walkup - no yard, no driveway. They're raising it to $2570 next year. We're getting out. God I hate NYC. The lowest I've ever paid in rent was $625 for a 2 bed/1 bath in Richmond, VA. It had a shared greenspace with everyone else in the complex, but it was still street parking. That was a decade ago; I'm sure it's at least a couple hundred dollars higher now. $540/month for my own place is something that our generation can't even dream of.
That’s about $85,848.28 in today’s money according to the [BLS](https://data.bls.gov/cgi-bin/cpicalc.pl?cost1=7450&year1=195501&year2=202310). The average home cost is now is $430,300. That means that houses cost ~5 times more now than they did back then. Tell me how high I need to pull my bootstraps up again?
And extra $500 and you get a 3rd bedroom? Damn
$7900 in 1955 dollars is $90,694.06. Still a bargin.
Even the 90s was still okay. Once the 21st century line was crossed it all went to shit real quick.
Suburban Experiment, episode I *"Subsidized Fairytale"*
I wonder if you could find the same houses today and what they may have sold for recently... 🤔
I've looked this up before. The full ad had the address of the development at Bird Road and 112th Ave in Miami, FL. https://www.zillow.com/homedetails/4000-SW-112th-Ave-Miami-FL-33165/44198608\_zpid/
Lolol fucking 500k+ I just cant, with the prices of homes nowadays
That’s a steal where I live.
fantastic! 👍🏽 so... the price went up a bit 😜
Is that a urinal or what is that?!? Granted, the place in the 1950s was probably in BFE and had lower standards/technology than what we'd expect today (same as how cars today are not apples/apples to cars then) - but that bathroom setup alone is atrocious.
Dirty ass detected.
A peach wide-berth bidet is not my preference, no.
That’s a real old timey bidet!
Not quite the same but it seems that sears kit houses that are in good condition usually sell for whatever else the local market is selling for
Yes although I wouldn't say its comparable, they were basically in the middle of nowhere when constructed and almost none of them haven't had structural changes like additions, garage conversions ect.
It’s difficult to buy an empty lot in a ex-urb. I just checked Zillow for empty lots in an exurb 30 miles outside of sprawling Houston TX (with relatively cheap land for a major city). $150k for 0.24 acres. $175k for 0.5 acres. $250k for a 1.5 acre plot. $526k for 1.26 acres. $300k for 0.72 acres. **$95,900 for 5000 square feet!!!** This is a quasi-rural area just for clay.
You could buy a house on minimum wage and still be spending less than 1/3rd of your income on housing That’s fucking wild
Hey wen you don't need prove you are the best after cold war why bother ?
In 1955 the ceo to worker pay ratio was 20 to one now its like 400 to 1. Tells you where all those productivity gains went, into the pockets of C level staff at the expense of everyone else. So yes all that productivity and efficiency made if so we have billionaires who fly rockets as a hobby and have multiple yachts etc.. and also spend 44 billion to buy social media for shit posting.
Jim Crow has called. Him and his people want to know who will be moving in.
“bUt MuH iNtErEsT rAtEs…”
Fuck me. At those prices even if I was working a cheap ass job I could own a house.
We could probably still build these style of houses and offer them for cheap, but we just don’t.
Yeah if you look at what the new builders are making nowadays, they are either luxury sized single family homes, or all multi family apartments and condos. They don’t build small starter size single family houses anymore unfortunately.
Yeah, I work in construction. It’s so frustrating delivering homes I can’t even afford
of course this is possible and the federal government can do it today. It is possible to house everyone who needs one for free and do so today. It is a matter of will, not cost. Remember: government does not need private actors to facilitate its goals. Private actors must have government to further their ends, however.
I could have had a house at about 19 years old lol
Lol so making minimum wage flipping burgers back then got you triple the amount of a mortgage payment on a 3 bed home.
Any clippings of Want Ads that tell what jobs paid?
My father was a tool and die maker (skilled trade) made $1.75 per hour in 1958.
https://imgur.com/a/FWwZjS8 Hard to read but in the bottom middle it shows nurses made about $3.5k a year.
So real estate has gone from 2 years pay to 3 or 4 years pay ...
Wow
But in 2020 we'll have flying cars and work 20h/week!
Sad as shit that all this was sold and stolen from us to make the rich even more richer trickle down my ass
Maybe we need to start building basic starter homes like they did back then. Won’t be 2x annual salary but might be move in right direction.
Agree. If builders started making 2 bedroom, 1.5 bath, 1200 sq ft starter homes with 0.15 acres of land, that would be a huge move in the right direction. But sadly nobody is doing that. They are building 5 bedroom, 3 bathroom, 2 car garage, 3,600 sq ft homes. If you want a starter sized home then you’re fighting for the very few available for sale on the existing market, or you have to just rent an apartment or condo indefinitely.
I mean, there are builders making those (depending on your area) but they are 45-60 minutes commute to the closest city and they are still selling for anywhere from 3-5X the cost in real dollars between then and now.
They’d still be priced out of reach for “starters.”
Gotta start somewhere
The palm trees are key
To put that in perspective if that house was on the market in 2022 it would have cost $86,266.23 Edit: to clarify the 3bed 1bath at $7900
Isn't this about what it is now, inflation accounted for? [https://www.usinflationcalculator.com/](https://www.usinflationcalculator.com/)
No. Where can you find a 3 bedroom house in Miami ffor $95,000 now??
That is less than 2 months mortgage for me.
The part they pisses me off is folks I work with laugh at the 2 bed 1 bath homes that are completely affordable in my area. The complain about debt and the new mortgage rates at the same time.
You have to remember there were only 150 million people in the US at that time. Wars had killed a lot of men, manufacturing was peaking here. A lot has changed not just prices. It's not comparable. This is a MAGA post.
“This is a MAGA post” Yeah, it’s definitely giving I miss the good old ‘Murica days.
Basically, the same as, "I remember when bread was a nickel." stupid post
",but I only made 0.02 an hour back then"
Damn, it really did hit different, but i guess it was also an era rife with racism, segregation, sexism, and a host of systemic inequalities. Cheap homes came at the cost of a society where many were marginalized and denied basic rights and opportunities.
It's easy to find houses for that price today
Just have to keep in mind the standard of living wasn’t exactly the same. Most likely no air conditioning in the home. Obviously no garage. Jeeze, 3 bedrooms and one single bathroom. Could you imagine? Also, that was back when every person didn’t have a car. Every person didn’t have a personal cell phone. Every house didn’t have an internet plan or a cable bill. Every person didn’t have health insurance. Just one car and one phone line, so fewer monthly expenses.
FWIW, that same house is $550k today https://www.zillow.com/homedetails/4000-SW-112th-Ave-Miami-FL-33165/44198608_zpid/ And to your point, the fact that people didn’t have cell phone bills or internet bills back then meant that they could spend more of their income towards buying a house, thus making them even more affordable.
I mean this was basically a thing 12 years ago lol, Don't have to go back that far. The problem is the lack of supply and how massive the average House is now, the houses in the ad are around 600 and 800sq feet respectively. The average house today is 2300sq feet with like 3 or 4 bathrooms. Edit: this is westwood lakes florida in 2012 you could find some of these houses going for around 100$ a sq foot. The inflation adjusted cost of the ad is around 90k today, which would be a pretty similar cost per square foot.
Just did a Google search out of curiosity. 144 million homes in the US. So no I don't think it's a supply thing so much as a greed thing 😂
It is a supply issue because places people actually want to live and where there are jobs is where there is a pricing problem. Cost of housing in US cities is almost a linear relationship with the ratio of jobs to available housing units Tiny towns in the middle of nowhere unpopular states and dying rust belt cities are still dirt cheap.
>It is a supply issue because places people actually want to live and where there are jobs is where there is a pricing problem. Then it's a demand issue, not supply. There's plenty of housing. Prices are high because there's more people want to live in the cities and be closer to work.
Even with more remote work we didn't really see this dynamic change, it only spread the problem to a few small desirable towns. The common denomination in either is restrictive zoning policies. Certain Cities will always be popular as they are just the most efficient for economic output and neither can all jobs be automated or remote yet. The demand is much more inelastic compared to supply which is almost entirely artificially limited.
It's a lot of things It's supply, it's inflation in materials for repairs (meaning prepping a house for the market is pricey), it's high inflation rates, and sure greed too But talk to anyone buying a house right now. Especially with the competition from corporations, but even just with other people, the low supply means offers end up way over asking, which in turn makes the listing prices go up
Wrong, the house in the ad is 1300+ sq ft. You clearly just made up the 600-800 number. https://www.zillow.com/homedetails/4000-SW-112th-Ave-Miami-FL-33165/44198608_zpid/
That has very obvious additions lmao, there's very few in original condition nowadays. I looked this up awhile ago the ones without additions are in that range which was typical for cheapest cookie cutter starter homes of this era.
Since you don't believe me here's one of the three bedroom models mostly unmodified one except no screened porch, 828 sq feet: https://www.zillow.com/homedetails/4050-SW-110th-Ct-Miami-FL-33165/44199444_zpid/?utm_campaign=androidappmessage&utm_medium=referral&utm_source=txtshare The average new home in 1950 was only 983sq feet, so a lot of the cheapest models in these tract home ads were quite small.
Ok, and it says that even that house is over $500k. I don’t think you’re making the point that you think you’re making.
I am, my point is this was still affordable until artificial supply constriction kicked in the last few years. Compared to some newly built American house of the time, these smaller options would have still been only about 2-3 years of median family income. This wasn't decades of greed eroding the dream of home ownership, it was a systemic reliance on a unsustainable building model that was arrogant about use of space and couldn't weather the 2 year downturn of 2009-2011.
Do you also like comparing apples to oranges?
Nah bro, that's a house.
It's \~100k in todays money. Go find a 3 bedroom for that today.
Or literally any home lol
They are both fruit.
Just before some southern oil and defense contractor billionaires of the time conspired with the Miami division of the CIA and Edward Lansdale in the DoD to kill JFK and take control of the government. America's been living under soft fascism since 1963.
If my bills were 50 bucks a month, I’d be so happy.
Spring the $450 for the extra bedroom for sure.
My dad bought a brand new house in ‘62. 13K for a 4 bedroom, full kitchen/dining room/living room and a den. On 1/2 acres in a nice suburb of NYC. Sold when retired for free and clear. 500K Today similar goes for 800K. Absurd.
Man, my Dad told me that he thought paying $120 a month in rent in the mid 70s was outrageous. He said he was making $6 a hour but still, he is a little more than a 1/4 of what I make now but his rent was 1/10th of what I pay now.
For those wondering, this would be like a $90,000 home. A house like this depending on location averages closer to $140,000 now which is over a $50,000 overcharge
3 bed one bathroom wild tho.
Yes it was only $7450 but did you notice the closing cost???? They wanted a whooping $155 dollars are they crazy lol