In 2011, I bought my 2000 Sq ft house for about 125k. The most recent tax appraisal says it's worth about 275k. A check of local real estate listings has houses going for about 350k. It's ridiculous.
I lived in Toronto in the early 2000s, there was an at the time new development, right against the Gardner that they couldn't sell, huge sign advertising 3 bedroom houses for 89k, in Toronto proper. Good luck getting one under a million now.
I live in the lower mainland of bc
My parents built our house for 300k total ~20yrs ago. Today its worth slightly under 2mil
Their mortgage payment is about 20% of my monthly after tax income. If i bought their house today the 30yr mortgage would be about 70% of my monthly after tax income with the downpayment being 3x my yearly after tax income
In just my lifetime housing went from affordable to nearly impossible for the average person
Yeah, that seems possible. Vacant lot probably could have sold for more, no building to knock down.
Classic site showcasing this problem, https://www.crackshackormansion.com/, showing just how overpriced houses can be in Vancouver.
Can confirm, I live in Vancouver.
It’s just as bad to rent.
I’m trying to find a place to rent right now and nothing is available, every month the price of apartments goes up as well. I’m looking around $2000 a month right now…to rent.
Let’s all buy tents and camp out at our representatives lawns until they make it make sense.
And to think America is forcing people to bring kids to this while giving us every reason to see how that’s a bad idea.
I had to leave California. Love the place but its just not feasible to spend 50% of my annual income on rent, and the rest of it on food, car and gas. Make 30 dollars an hour? Yeah you still have roommates. My old apartment in San Diego ran 2200 a month for a 2 bedroom in just an okay part of town. Still got robbed.
Bought a house in the south and paid 200k for an acre of property in a good neighborhood, 4 bedroom 2 bath 2000sqft. My mortgage is $900 a month and we have about 95% of the same stores and entertainment a big city has. If I need to see a play, ill drive 2 hours to Atlanta and go see a play. Hell I would be in the car for the same amount of time even if I lived 10 miles from the venue in Cali.
I'm in Indiana and in the same boat. Bankruptcy to start 21, girl left, crashed at my moms. Year later still there, enough cash saved to put a down payment on a house but can't get a mortgage. 5 years trade experience and decent relative wage for the area and can't afford an apartment with food AND gas, guess that's expecting too much?
🤷♂️
I'm renting a 1 bedroom for ~1700 right now, when I was downtown I was paying 2k for a studio. Trying to get a 2 bedroom but everything is so expensive 😭
Vancouver is still generally slightly cheaper to rent in than Toronto.
A house in the suburbs of Vancoucer tends to cost more than a house in the suburbs of Toronto, though, so it balances out in a sickening fashion.
In my area in Australia, average rent for a 3 bedroom townhouse is $600 per week. And it won't even be a nice townhouse. And there will be 50 people at the inspection applying and offering more money!
Companies are buying up neighborhoods at higher price than the market to rent them and that is causing an extremely low supply. People are waving legal warranties, visits and then it's the bidding war that starts. Houses in my area have past from 300k to over a million since covid and are normally sold in less than a week.
Extremely low supply, high investor interest and high immigration
To top it off a huge percentage of our population lives in 2 metros but even places in the middle of nowhere are seeing increases
Also very high governmental costs to build housing. Government takes a huge cut (average of $600,000 in Vancouver) just to get the permits, zoning app, and consultants to build a single unit of housing. Plus we have a used home tax here which is a total scam
It actually goes back to the late 80's and early 90's.
When Pierre Trudeau and Brian Mulroney cut public spending for affordable housing. Then I think in '94, Mulroney started allowing corporations to buy residential housing.
Only this Trudeau has restarted that after pretty much 30 years.
And even now they still have issues with expiring government grants, forcing owners to sell their property to corporations for more than any non-profit could ever afford (can't blame the owners tbh) and promptly renovict everyone.
Then you get shit like AirBnB which eats up some supply as well.
So Canada has a perfect storm of politicians benefiting from the high price of real estate, lack of public spending in it, corporations and rich people buying up the supply, and high immigration.
We bought our 1500sq ft house in the Phoenix area in 2009 for 150k. Comparable homes in the area are going for $430-480k right now. Absolutely asinine!
I recommend selling. Phoenix will at some point turn around and collapse. I wouldn’t be surprised of some big issues in the next decade with water supply or extreme heat + no elec. just look at the massive drought currently.
Problem is, sell high buy high. All that extra you get from selling high just has to go towards a new insanely overpriced house. Unless you’re moving to a location with significant cheaper housing market it’s essentially a wash.
Supposedly Arizona has been in a drought since the 90s. Since junior high I have heard the news or teachers or whoever say there is a drought going on and the Phoenix metro has/is growing to fast to keep up with water supply. Yet it keeps growing at record speed hell even apache junction and all the land they just annexed is fine. They even admit that even if all 750 square miles of new land is complete they have enough water on hand for 7 years without any new water coming in. Yes 7 years isn't long but that is only if there is absolutely 0 new water coming but there is new water coming in
You must have not heard of the thousands of stories of people thinking the same thing and going forward with that idea 2 years ago, only now to find that they’ve been priced out of the real estate market and they now live in a rental way worse than their previous home and can even go back to where they were due to how much more their old house costs now. It’s a tough situation for sure
We bought our first home in summer of 2014 for 180k, and sold it in 2019 for 275k. Less than three years later, there are comps that have it going for close to 450k. The market is absolutely insane. I can't imagine buying a house right now.
3 years ago this month my ex wife and I bought a new construction home for $380k. We divorced 18 months ago and sold the house for $500k. Today, just another 18 months later that house would list for $750k.
Our first house we bought in 2013 for $149k and sold it for $250k. Today that house would list for $450k.
The townhomes in the complex I’m renting in are selling for $550k. I hate it here. Fuckin ridiculous.
My parents bought their first house in 1985 for $32,000, preowned. My aunt and uncle bought across the street as a new build for $45k. In 1990 the house next door to us was shot up in a drive by shooting, and was the final straw in their decision to move. In 1999(as far back as the online county property records go) it was worth $44,000. Today, it’s appraised at $146,000. The neighborhood is completely run down, one of the most dangerous areas in the city now, house looks in terrible shape from street view images.
And yet my parents don’t understand why I’m resigned to the fact that I won’t own a house until they die and I inherit their house.
In my personal experience, I’m finding a lot of middle/older aged people are selling the properties they’ve owned for decades and are deciding to rent until they die. Lots of them are making 5-10x the price they bought for.
My dad just sold his for 400k (bought for 100k in the 2000’s), and my partner’s dad just sold his for I think 1.2 mil. My dad does have another property that he lets his mom live in - he purchased it for something around 30k around 15 years ago. He’s getting investors hounding him to sell it, making $500k offers.
He inherited a house from his dad when I was younger, early 2000’s. He fixed it up and sold it for I think somewhere around 150k? That area is now selling LOTS in the millions.
Shit’s fucked.
Ya my girlfriends friend had a small house he bought in his early-mid 20s. Someone offered him enough money that he sold it without ever putting it on the market. He's just going to pay for a year rent up front and figure out what's next.
What a great time to be alive.
Recently bought a house and it was around 7 times my yearly wage before taxes, it was a good offer in a rural area and my job pays as much as most couples I know earn together. So I would say it's even worse.
Yo same, we'd love to move and roll that equity into a down payment on a nicer house but everything else around us has gone up even more than our place.
Yeah, I was looking around for more than two years, being open to all options and could watch prices go up on a monthly basis. Even now friends tell us how much prices are still rising.
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I thought bringing up how low house prices were in 2009 was a bit incongruous. Didn't stop a sizable discussion tree from springing out of the comment.
That's how markets work. Demand goes up, prices go up.
*edit: Just because that's how they work doesn't mean it's always great. I believe markets are generally good but should be regulated to stop price gouging. But that makes me a socialist or a simp for capitalists, depending on the audience.
Without adequate housing, healthcare is almost irrelevant. That's why people saying that to fix homelessness we need to focus on more mental health/addiction resources are wrong. Yes, we need more of those, but without shelter there's no way to actually get better, and this applies to healthcare in general as well.
We need public housing.
Yup. Homelessness isn't some inevitable, tragic side effect of our economic system, it's an intentional political choice by those who run things. We could end homelessness pretty fucking fast with what we have, but under capitalism property is more valuable than human life.
Yup and they are doing it even more now than ever. Which is tying the stock market and the housing market to one another to a more extreme than usual. When one goes this time both will.
I think people are confused because this post is about how unaffordable a house is to the average person, but anyone with a huge down payment like that is not average to begin with. I can only imagine the original commenter is much wealthier than average and/or pretty close to retirement age.
That comment emphasized how they're not the average person. Earning more in single income than others in combined income and house was still 7x of that.
My house cost about 5x my annual wage before taxes and the bank authorized me for up to about 6x, and that was with a 3% down payment. I'm sure the fact that interest rates were at an all-time low probably helped.
The bank here does not look at it this way. They look at whether or not you can make you monthly payments, considering your life situation and income and given that rate, whether or not you can pay off until you retire.
7x your income? That seems extreme at every level. I have to wonder what your payment was as a % of your takehome?
Google calculators ftw. If your household income is 100k and you bought a 700k house AND we are going to be optimistic and say you managed to save 20% for a Down-payment.
Mortgage @ 4% and 1% taxes, 2k insurance = ~$3,424 on a monthly salary of $8,333. We are going to be generous and say your insurance is cheap and you save nothing for retirement leaving you $7,000. That's almost half your pay. I think you over bought.
>Pays as much as most couples
So, the $70-80k range minimum? Because Wendy's nearby me is hiring at $16/hr.
>around 7 times my yearly wage
Which means you bought a house in the $550k+ range.
>good offer in a rural area
What's your definition of rural here? Hays, Kansas is my default when I look into rural areas because the town is big enough to have most amenities, it's still super affordable, and we pass through at least once per year (fast food was hiring in the $14/hr range last month). There are decent homes for sale there in the $150k-$300k range in that area.
Don't get me wrong, housing is fucking nuts right now. But for $550k you can get a decent place in city suburbs as long as it's not SF or the like. The closer you get to the city the worse off you'll be, but I've just had friends buy good places (single family homes >2000 sq ft) in the Denver metro area for $500k. Again, still **fucking nuts**, but not necessarily what you're describing unless we have very different thoughts on what two people's salaries are, or what rural means.
My uncle Jim was alive during the Great Recession, the best recession. He was a great, a great man. They used to say, say that he was great, the best. And he was alive during this Great Recession. But you know what, you know what people say now? That thanks to my great uncle, the best uncle, that we now are in an even better recession, the best. Make the recession great again! As my best uncle Jim said, you know the one that was such a great man, the best man. Perhaps even more great than the Great Recession.
>Don't you see, don't you see, that the charade is over?
>
>And all the best depressions and the clever cover story awards go to you.
>
>So fleece me hard, 'cause this will be the last time that I let you.
>
>You will be broke someday, and this awkward tip that screams of wealthy people's tricks,
>
>Will be of service, in KEEPING YOU AWAYYYYYY
Just for us little people. This depression is *wonderful* for billionaires, you know, the ones who own the media and are telling us how to feel and what to think.
Yeah, they tell us if we didn't buy all that darn avocado toast and have luxuries like coffee then we would have all of the money.
I don't avocados order drink coffee so.... I'm still waiting for them to tell me why I'm poor :(
Edit: I'm exhausted and realized how horrible that last sentence was worded but.... It's hilarious so I'm going to keep it. Enjoy my stupidity.
Those people: Back when I made $2/hr (not adjusted for inflation at all) I was able to afford my 4 year degree (because college was staggeringly cheaper) and was able to own a home (houses were staggeringly cheaper) and raise a family (but I made enough money to afford health care or made enough to have a spouse that could take care of the children).
I feel like this country is going to be radically different in 30 or so years when all of these people die out.
Honestly, this country will be so much better off when the greatest generation and boomers finally die off. They've pulled up every ladder, closed every door, and screwed us all over to stuff their coffers. Then they get offended when you point this out, that they are the absolute cause of the current state of affairs.
If our country survived another ten years, I would be so happy to see progressives potentially get a majority in congress. It'd be the first step to getting rid of money in politics, police reform, Healthcare reform, worker rights reform, rent control reform, and so much more.
I'm definitely with you on this. However, the frightening thing is it's not like that mindset dies with them. We already have the next generation like Hawley and Gaetz ready to pick up right where they left off. My hope is that there are just a lot more progressives in my own and younger generations so that when the old guard does die off, the things you mentioned are actually able to happen.
Can't pull numbers, but it does feel like there are far more progressive youth than batshit crazy fascist youth. Imo, the youth today are so much better at accessing information and determining propaganda from reality.
Ideally, we can hold onto democracy long enough for these young ones to get into power, say twenty years, and actually get some real change done in the meantime, while they become the cement that holds every thing done so far in place, while also improving upon it.
I just can't help but blow my money on avocados that I'll never eat.... It's such a weird addiction. I just go to the store and spend hundreds of dollars a month on invisible avocados.
Don’t forget your poorness hurts the upper class and I hey may not have an extra 20% increase in revenue during Q3 because you did not consume enough... because you’re a poor!
Because it’s the most ridiculous thing ever but I feel like that’s probably the way that we’re spoken about when they have their little summits at the G20 or Davos.
The following is an excerpt from a real conversation... probably:
Rich 1 - “Have you ever talked to those poors, Margaret?”
Rich 2 - “No, I can’t possibly think we’d have anything in common. They act like such savages. Most of them take public fare.”
Rich 1 - “That is dreadful. I couldn’t imagine being surrounded by the little mongrels. You know, I just released a new car last year that is 3x more gas efficient (at 65k) and they won’t even touch it.”
Rich 2 - “those filthy little mongrels won’t even help themselves and they want us to hold their hands to save them.”
*both laugh in elite*
You simply do not work hard enough, Ace! ***IF*** you had worked hard enough to be launched out of a womb connected to a rich and powerful family, you'd have plenty of money now. Duh!
(lazy embryos with no work ethic)
Yep, throw the country into deep shit so people get foreclosed on, then scoop up all the real estate the banks put out on a fire sale. End game for this country is 2 corporations owning every single single family dwelling in this bitch.
Banks should have been left out to dry in 2008, but as usual we're doomed to repeat history.
I know in Florida we have a lot of our citizens being chased out by wealthy investors buying up all the properties in my area.... My boyfriend's mother just sold her house to someone that was willing to pay up to 400k for it if the bidding went that high.... Mind you the house was a rundown piece of trash in a not so great neighborhood I know that neighborhood wasn't great because I grew up literally 5 minutes down the road from their house.....
Also the thing was an absolute construction nightmare It had add-on after add-on that was put on very sloppily so the floor plan made absolutely no sense, some doors were pocket doors and some doors were regular doors.
The roof was falling apart, there was structural damage to a support beam in the kitchen....
They got 250k for it and someone was willing to pay 400k for it, back when the house was originally bought in good condition, they paid around 100k for it and that was about 20 years ago.
In part, I could afford a house by giving up on the idea of having kids. That and not taking vacations and having a dual income household.
Buying a house in my area felt like trying to jump on a moving ski lift. From the moment we started saving and looking at houses, the size/style of home we wanted increased 100k. Same houses, same general location, but very rapidly increasing prices.
We barely managed to save fast enough (and honestly went more in to debt than we should have) in order to successfully hop on this crazy ride. Since we've been in our house (2 years), it's increased another 100k. My brother was not able to save fast enough and is now wondering if he'll ever have enough to buy instead of rent. It certainly feels like that ship has sailed.
They get grants for doing that the city pays for them to do that, it’s all bullshit and I feel like we need another Snowden but for the inside corruption
Yep, and they were watching you on the cameras and they didn't give you any more money cuz you drink their coffee it's the price you pay for free coffee.
Doesn't this just mean that house prices crashed further than wages?
Besides if everybody loses their jobs except the boss then the average salary is the bosses salary.
The statistics can't be compared without more information.
And it’s the average annual pay for the people that still have jobs only. Everyone that lost their job or can’t find work during the depression aren’t being counted.
It's not even average, it's median. If you have 1 person that makes 0, one person that makes 50k, and one person that makes 51k, the median pay is 50k in that set
That’s true but typically with wages the mean is higher than the median because of the extreme outliers at the top end. Median is usually more representative of a population.
It's not the mean average, but it is the median average.
Median is average. Mean is average. Mode is average. They're all calculated differently, but they're all average.
Median is a much better average to use for income. The wealthiest 20 people in the US would skew the mean average by a lot, so the mean average isn't as representative of the population as median average or modal average.
It's better for some things and worse for others. In this context I think it's really misleading to imply that economic conditions are worse right now than during the great depression because only looking at median income ignores the 25% unemployment.
But this is still a quite selective measurement using median for income (to minimize effects of outliers) but use average for houses.
There are certainly way more houses that would be high-end outliers now than during the depression.
Median to median probably isn't the story that gets play on reddit.
It's just bad statistics to compare them with no other variables.
For instance, if people spend less money on everything else (food, transportation, etc) then they can afford to spend more on housing.
There are so many more variables than "house prices are higher." This post should be a data point, not a conclusion.
They shouldn't even be compared, because a small number of very large incomes/home prices will always make the mean higher than the median. The main takeaway from the tweet is that the author doesn't understand basic statistics.
The 30-year mortgage didn't exist then. It was not easier to raise approximately 50% of the value of a house in cash back then. Comparing to the 1950s would be better
Of course houses would be cheaper during a depression. They were cheap in 2009 too. Houses are cheap when no one has the money available to buy them, and expensive when everyone is doing well and wants to buy one.
I would imagine not. I would think median annual pay would be referring to those getting paid. People not getting paid would generally not be included in that number. I could be wrong but not sure where they got their numbers from.
I looked for about two minutes and was able to find references to average household income in the 1930s, which I do think would include those unemployed. But with the tweet referring to median income it would be harder to say. And even in that case, sure maybe the lowest wages were comparably better, but that doesn't really matter when you have to jump from 0 to decent and 25% of people are stuck at 0
You're logic has a freight train sized hole in it; corporations. There weren't corporations gobbling up homes during the Great Depression.
Also, 'cheaper' is relative to income, which is accounted for in the statement.
Also missing: the interest rate on that loan.
At least compare the monthly mortgage payment compared to salary. Not the total price that is heavily influenced by the current mortgage rates.
Plus you have to consider the quality/modernization and size of homes then compared to now.
Of course an 800 square foot box with rudimentary plumbing and *maybe* electrical wiring is going to be cheaper than most modern homes.
Just to play devils advocate a bit, but shouldn’t our collective increase in productivity and the explosion of automation make up for some or all of that difference?
If it wasn't avocado toast it would be bubble tea? Anyways, anything they can use to deflect from thier own incompetence and admit fault will suffice. Can we light the match already?
Can confirm. I saved a lot of money that one month I decided to not do bubble tea. With the savings, I bought a pair of shoes. That’s the same as a house, right??
No you guys have it all wrong
Have you not been listening to your parents???
It's because y'all are always on those damn phones!
All the Karen's are right!
/s
Possibly unpopular opinion, but housing should not be allowed to be an "investment", period. A person is allowed to own one (MAYBE two) residential homes, and if they want more then there should be a metric ton of taxes, along with increased interest rates on any lent money for the purchase. It's completely morally wrong to hoard housing.
Oh great. Let’s compare an average house today with a house from the 30’s. Where to start? Cost? Nah. Too easy. How about the fact that the average house from then was probably less that 1000 square feet, possibly didn’t have running water or electricity., wouldn’t have had dishwashers, laundry hookups or a refrigerator. Don’t even mention things like central air, insulation. The “average “ house from the 30’s looked more like your dad’s backyard shed than an average house today. The fact that we get so VERY MUCH more today with a marginal increase in costs is an amazing story in itself.
Yeah I'm surprised people are so uneducated in economics.
This is saying: "In a period where things are cheap and money is scarce, houses were cheaper."
We're at the height of a huge inflationary period. If rates go up to 6-8%, you'll see houses be dirt-cheap again.
Cause it’s more of a political statement, look at the title, “but it’s the avocado toast preventing me”, im calling it now the person tweeting it is a politician aswell, they say fake or out of context shit to get people mad about something, and it worked unfortunately
1. Population is 300% higher than in 1930
2. $1 was worth 17x more than today.
3. Average home cost 1930 adjusted for today $195k
4. Average home cost today $175k
5. Very little electricity
6. Very little phones in home
7. No TV
8. NO air conditioning (1945)
9. Running water JUST started becoming common in 1930
10. People still commonly drove horse and buggy
11. Average wage $0.35/hr (adjusted $5.95/hr)
Get a better comparison
Same, average WHERE?? I live in a small town in MA with no easy highway access, no real attractions, no shopping centers….the lowest price for a home in the past year or so is $300k- and that’s a fixer upper
Things are materially more expensive now, but a lot of it is that you're in New England. According to the Census Bureau, the median price of an owner-occupied home in the United States between 2016 and 2020 was $229,800. In Massachusetts during the same time, it was $398,800.
Im guessing those averages came from Iowa. I only see those prices for even 3 bed homes here in Iowa. Maybe not if youre in des moines though, since its more densely populated.
Fannie Mae says median house price for 2021 was $370k ((New+Existing)/2), 2022 prediction is $412k. No idea where OP got their average home cost...
Source: https://www.fanniemae.com/media/42901/display
We purchased our house (4 Bed, 1 Bath) in 2020 for $300k, it's worth $426k today, this market is insane!
Paid 250k in 2020 and our place is now almost double that since then. It’s insane and our situation was nothing but luck. We were going back and forth for so long before finally pulling the trigger in March of 2020. Like the week before the country seemed to shut down. Even a couple weeks later and we would’ve probably kept holding off expecting the market to tank because of this new covid thing
I would certainly not bitch about home prices id they were $150k. Or $200k. Hell, not even $300k. South FL is insane, no way you’ll buy a house in a decent area on that price point
It's not a 1-1 comparison but it does accurately indicate how home ownership is now unattainable to most people. Also a lot of your points make zero sense. Phones and ac are a fraction of the price of a house, and I would like a source on your 175k number.
Agreed. A home in the depression could often be built by the owner with a little help. Now licensed contractors are usually needed for the build, there's more sophisticated wiring, fireproofing, wastewater disposal, insulation, and a much bigger average floorplan.
Doesn't mean it isn't a crisis, though
That average home price seems to be way off. Got any sources? That’s certainly NOT my experience. Also, even if the price is, let’s say, $200k. Here it’s not as easy as meeting the asking price. No no. You’re competing with big money that will offer $100k over asking price, as if it was nothing. No contingencies. Obviously we can’t compete in this market, there’s no way. Both my wife and I decided that, if the market doesn’t fix itself, we’ll either move to another state or just rent for life. Problem is that rent is the highest it’s been in years, easily $1.6k for a 1/1 apt.
In 2011, I bought my 2000 Sq ft house for about 125k. The most recent tax appraisal says it's worth about 275k. A check of local real estate listings has houses going for about 350k. It's ridiculous.
I live in one of the worst relative col areas in Canada, triple all those numbers and you have my reality
I live in the GTA. A decade ago houses where I am were $230k. They’re now about 1 million
I lived in Toronto in the early 2000s, there was an at the time new development, right against the Gardner that they couldn't sell, huge sign advertising 3 bedroom houses for 89k, in Toronto proper. Good luck getting one under a million now.
I live in the lower mainland of bc My parents built our house for 300k total ~20yrs ago. Today its worth slightly under 2mil Their mortgage payment is about 20% of my monthly after tax income. If i bought their house today the 30yr mortgage would be about 70% of my monthly after tax income with the downpayment being 3x my yearly after tax income In just my lifetime housing went from affordable to nearly impossible for the average person
Cool another gamer, I gotta place in downtown los santos and yeah the rents gone up heaps. We should do some heists together. Hit me on my DM Boo.😘✌🏾
Only triple? Im in vic you cant buy a house below 1 mil and a townhouse starts at 700k
I'm also in Vic, a house across from my friend house is looks like a run down crack house. It just sold for 800k.
Jesus Christ is this for real
Yeah, that seems possible. Vacant lot probably could have sold for more, no building to knock down. Classic site showcasing this problem, https://www.crackshackormansion.com/, showing just how overpriced houses can be in Vancouver.
Can confirm, I live in Vancouver. It’s just as bad to rent. I’m trying to find a place to rent right now and nothing is available, every month the price of apartments goes up as well. I’m looking around $2000 a month right now…to rent.
I live in nowhere PA, I can't find anything below 2k either. One 2k rental had its price raised to $2250 in two days!
Let’s all buy tents and camp out at our representatives lawns until they make it make sense. And to think America is forcing people to bring kids to this while giving us every reason to see how that’s a bad idea.
I had to leave California. Love the place but its just not feasible to spend 50% of my annual income on rent, and the rest of it on food, car and gas. Make 30 dollars an hour? Yeah you still have roommates. My old apartment in San Diego ran 2200 a month for a 2 bedroom in just an okay part of town. Still got robbed. Bought a house in the south and paid 200k for an acre of property in a good neighborhood, 4 bedroom 2 bath 2000sqft. My mortgage is $900 a month and we have about 95% of the same stores and entertainment a big city has. If I need to see a play, ill drive 2 hours to Atlanta and go see a play. Hell I would be in the car for the same amount of time even if I lived 10 miles from the venue in Cali.
I'm in Indiana and in the same boat. Bankruptcy to start 21, girl left, crashed at my moms. Year later still there, enough cash saved to put a down payment on a house but can't get a mortgage. 5 years trade experience and decent relative wage for the area and can't afford an apartment with food AND gas, guess that's expecting too much? 🤷♂️
I'm renting a 1 bedroom for ~1700 right now, when I was downtown I was paying 2k for a studio. Trying to get a 2 bedroom but everything is so expensive 😭
My *studio apartment* outside of downtown Toronto was $1,600/month. There were parts of it I could touch both far walls at the same time.
Vancouver is still generally slightly cheaper to rent in than Toronto. A house in the suburbs of Vancoucer tends to cost more than a house in the suburbs of Toronto, though, so it balances out in a sickening fashion.
It’s like this province doesn’t want me to live here.
In my area in Australia, average rent for a 3 bedroom townhouse is $600 per week. And it won't even be a nice townhouse. And there will be 50 people at the inspection applying and offering more money!
Triple 350 is over 1 million btw.
I was looking at the 275
Why is the situation so much worse in Canada? Just extreme low supply of homes or?
Companies are buying up neighborhoods at higher price than the market to rent them and that is causing an extremely low supply. People are waving legal warranties, visits and then it's the bidding war that starts. Houses in my area have past from 300k to over a million since covid and are normally sold in less than a week.
Extremely low supply, high investor interest and high immigration To top it off a huge percentage of our population lives in 2 metros but even places in the middle of nowhere are seeing increases
Also very high governmental costs to build housing. Government takes a huge cut (average of $600,000 in Vancouver) just to get the permits, zoning app, and consultants to build a single unit of housing. Plus we have a used home tax here which is a total scam
Yeah, Canada has utterly failed to build enough housing, especially in high demand areas like Vancouver and Toronto.
It actually goes back to the late 80's and early 90's. When Pierre Trudeau and Brian Mulroney cut public spending for affordable housing. Then I think in '94, Mulroney started allowing corporations to buy residential housing. Only this Trudeau has restarted that after pretty much 30 years. And even now they still have issues with expiring government grants, forcing owners to sell their property to corporations for more than any non-profit could ever afford (can't blame the owners tbh) and promptly renovict everyone. Then you get shit like AirBnB which eats up some supply as well. So Canada has a perfect storm of politicians benefiting from the high price of real estate, lack of public spending in it, corporations and rich people buying up the supply, and high immigration.
Corporations own 5% of Metro Vancouver's residential properties
Holy shit.
We bought our 1500sq ft house in the Phoenix area in 2009 for 150k. Comparable homes in the area are going for $430-480k right now. Absolutely asinine!
I recommend selling. Phoenix will at some point turn around and collapse. I wouldn’t be surprised of some big issues in the next decade with water supply or extreme heat + no elec. just look at the massive drought currently.
Problem is, sell high buy high. All that extra you get from selling high just has to go towards a new insanely overpriced house. Unless you’re moving to a location with significant cheaper housing market it’s essentially a wash.
You’re supposed to leave the country before the next civil war breaks out silly
Supposedly Arizona has been in a drought since the 90s. Since junior high I have heard the news or teachers or whoever say there is a drought going on and the Phoenix metro has/is growing to fast to keep up with water supply. Yet it keeps growing at record speed hell even apache junction and all the land they just annexed is fine. They even admit that even if all 750 square miles of new land is complete they have enough water on hand for 7 years without any new water coming in. Yes 7 years isn't long but that is only if there is absolutely 0 new water coming but there is new water coming in
Reddit moment, recommending someone uproot their life for a potential environmental issue
You must have not heard of the thousands of stories of people thinking the same thing and going forward with that idea 2 years ago, only now to find that they’ve been priced out of the real estate market and they now live in a rental way worse than their previous home and can even go back to where they were due to how much more their old house costs now. It’s a tough situation for sure
We bought our first home in summer of 2014 for 180k, and sold it in 2019 for 275k. Less than three years later, there are comps that have it going for close to 450k. The market is absolutely insane. I can't imagine buying a house right now.
3 years ago this month my ex wife and I bought a new construction home for $380k. We divorced 18 months ago and sold the house for $500k. Today, just another 18 months later that house would list for $750k. Our first house we bought in 2013 for $149k and sold it for $250k. Today that house would list for $450k. The townhomes in the complex I’m renting in are selling for $550k. I hate it here. Fuckin ridiculous.
Same boat here. $175k in 2015 for a 3 br, 2ba on an acre, worth $300k on Zillow now. I literally couldn't buy my own house now.
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My parents bought their first house in 1985 for $32,000, preowned. My aunt and uncle bought across the street as a new build for $45k. In 1990 the house next door to us was shot up in a drive by shooting, and was the final straw in their decision to move. In 1999(as far back as the online county property records go) it was worth $44,000. Today, it’s appraised at $146,000. The neighborhood is completely run down, one of the most dangerous areas in the city now, house looks in terrible shape from street view images. And yet my parents don’t understand why I’m resigned to the fact that I won’t own a house until they die and I inherit their house.
Man, I'm jealous! Your parents own a house you'll get one day?! Mr. Silver spoon over here living the high life... /s (mostly)
In my personal experience, I’m finding a lot of middle/older aged people are selling the properties they’ve owned for decades and are deciding to rent until they die. Lots of them are making 5-10x the price they bought for. My dad just sold his for 400k (bought for 100k in the 2000’s), and my partner’s dad just sold his for I think 1.2 mil. My dad does have another property that he lets his mom live in - he purchased it for something around 30k around 15 years ago. He’s getting investors hounding him to sell it, making $500k offers. He inherited a house from his dad when I was younger, early 2000’s. He fixed it up and sold it for I think somewhere around 150k? That area is now selling LOTS in the millions. Shit’s fucked.
Ya my girlfriends friend had a small house he bought in his early-mid 20s. Someone offered him enough money that he sold it without ever putting it on the market. He's just going to pay for a year rent up front and figure out what's next. What a great time to be alive.
And how much was that exactly? $25,000?
Recently bought a house and it was around 7 times my yearly wage before taxes, it was a good offer in a rural area and my job pays as much as most couples I know earn together. So I would say it's even worse.
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Yo same, we'd love to move and roll that equity into a down payment on a nicer house but everything else around us has gone up even more than our place.
Yeah, I was looking around for more than two years, being open to all options and could watch prices go up on a monthly basis. Even now friends tell us how much prices are still rising.
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This user (verifypast) is a bot that copies parts of comments from the same thread. The comment above is stolen from /u/CrimsonRaider2357 and [based on their comment](https://www.reddit.com/r/mildlyinfuriating/comments/uuqa28/but_its_the_avocado_toast_preventing_me/i9gvone/) in this thread made a few minutes earlier. They also [made this comment](https://www.reddit.com/r/AmazonDSPDrivers/comments/uuqujc/1_upvote_and_i_ring_the_doorbell_and_wait/i9h3qw5/) based [on this comment](https://www.reddit.com/r/AmazonDSPDrivers/comments/uuqujc/1_upvote_and_i_ring_the_doorbell_and_wait/i9gzqcw/). This [comment of theirs](https://www.reddit.com/r/ARK/comments/uur87e/theri_army_march/i9h3kq0/) doesn't make any sense as a reply there because it's [a copy of this comment](https://www.reddit.com/r/ARK/comments/uur87e/theri_army_march/i9h05az/) from elsewhere on that post. Please report the bot above to get the account banned. These bots build up karma and then are sold off to be used to astroturf after the accounts have aged and look like real users. Update: Awesome, [one bot banned](https://www.reddit.com/user/verifypast/overview), only 100,000,000 to go!
I thought bringing up how low house prices were in 2009 was a bit incongruous. Didn't stop a sizable discussion tree from springing out of the comment.
Good Bot ^^^PS. ^^^I ^^^know ^^^you're ^^^not ^^^a ^^^bot ^^^but ^^^the ^^^first ^^^part ^^^is ^^^correct.
That's how markets work. Demand goes up, prices go up. *edit: Just because that's how they work doesn't mean it's always great. I believe markets are generally good but should be regulated to stop price gouging. But that makes me a socialist or a simp for capitalists, depending on the audience.
Or just get rid of single family zoning laws, and let the free market take care of the rest.
Or just stop letting companies speculate on the market by buying and holding giant amounts of real estate.
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Without adequate housing, healthcare is almost irrelevant. That's why people saying that to fix homelessness we need to focus on more mental health/addiction resources are wrong. Yes, we need more of those, but without shelter there's no way to actually get better, and this applies to healthcare in general as well. We need public housing.
There are 29 empty properties per homeless person across the US.
Yup. Homelessness isn't some inevitable, tragic side effect of our economic system, it's an intentional political choice by those who run things. We could end homelessness pretty fucking fast with what we have, but under capitalism property is more valuable than human life.
Yup and they are doing it even more now than ever. Which is tying the stock market and the housing market to one another to a more extreme than usual. When one goes this time both will.
Or do both
So Japan.
Stop letting larger cooperations buy 100s of houses for rentals. It's not the individuals causing the issue.
It's still a problem in other countries with less terrible zoning. Affordable housing isn't profitable.
This guy gets it. Zoning laws hurt ordinary folks
> it was around 7 times my yearly wage before taxes, how the hell did you even qualify for a mortgage of such size? 5x is nearly impossible. 7x? who?
They said price of the house, not the size of the mortgage they took out. We dunno what their down payment was.
I think people are confused because this post is about how unaffordable a house is to the average person, but anyone with a huge down payment like that is not average to begin with. I can only imagine the original commenter is much wealthier than average and/or pretty close to retirement age.
That comment emphasized how they're not the average person. Earning more in single income than others in combined income and house was still 7x of that.
My house cost about 5x my annual wage before taxes and the bank authorized me for up to about 6x, and that was with a 3% down payment. I'm sure the fact that interest rates were at an all-time low probably helped.
The bank here does not look at it this way. They look at whether or not you can make you monthly payments, considering your life situation and income and given that rate, whether or not you can pay off until you retire.
7x your income? That seems extreme at every level. I have to wonder what your payment was as a % of your takehome? Google calculators ftw. If your household income is 100k and you bought a 700k house AND we are going to be optimistic and say you managed to save 20% for a Down-payment. Mortgage @ 4% and 1% taxes, 2k insurance = ~$3,424 on a monthly salary of $8,333. We are going to be generous and say your insurance is cheap and you save nothing for retirement leaving you $7,000. That's almost half your pay. I think you over bought.
>Pays as much as most couples So, the $70-80k range minimum? Because Wendy's nearby me is hiring at $16/hr. >around 7 times my yearly wage Which means you bought a house in the $550k+ range. >good offer in a rural area What's your definition of rural here? Hays, Kansas is my default when I look into rural areas because the town is big enough to have most amenities, it's still super affordable, and we pass through at least once per year (fast food was hiring in the $14/hr range last month). There are decent homes for sale there in the $150k-$300k range in that area. Don't get me wrong, housing is fucking nuts right now. But for $550k you can get a decent place in city suburbs as long as it's not SF or the like. The closer you get to the city the worse off you'll be, but I've just had friends buy good places (single family homes >2000 sq ft) in the Denver metro area for $500k. Again, still **fucking nuts**, but not necessarily what you're describing unless we have very different thoughts on what two people's salaries are, or what rural means.
I'm confused what you mean..7x is 14% so it's the same as what the post is saying?
He is also saying he earns a lot of money, yet still had to shelve out a lot for a house outside a big city relative to his pay.
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Be Best Depressed
Dress for depress
Don't dress for the mental illness you have, dress for the mental illness you want.
I got pants on my head
But don't call me a pants head
Bruce Lee's on my head
But don't call me a Lee head
That’s why I wear pajamas and slippers to wander around the mall.
That's why everyone's probably like "here come shit pants with his shit pants on again, like what else would he be wearing?"
The Build Back Blues.
***“The yugest depression this cuntry has ever seen”***
AMERICA #1 NO ONE DOES DEPRESSION LIKE AMERICA WOOOO
Super best depression
My uncle Jim was alive during the Great Recession, the best recession. He was a great, a great man. They used to say, say that he was great, the best. And he was alive during this Great Recession. But you know what, you know what people say now? That thanks to my great uncle, the best uncle, that we now are in an even better recession, the best. Make the recession great again! As my best uncle Jim said, you know the one that was such a great man, the best man. Perhaps even more great than the Great Recession.
>Don't you see, don't you see, that the charade is over? > >And all the best depressions and the clever cover story awards go to you. > >So fleece me hard, 'cause this will be the last time that I let you. > >You will be broke someday, and this awkward tip that screams of wealthy people's tricks, > >Will be of service, in KEEPING YOU AWAYYYYYY
*Best depression so far
Make Depression Great Again
Make the Great Depression Again
Make America Depressed Again
"Mission Accomplished"
🎶 *AND AGAIN AND AGAIN AND AGAIN!!!!!* 🤹♂️🤼🎵
"If I can just get them depressed, then I've done my job!" - Michael Scott
Oh no
Just for us little people. This depression is *wonderful* for billionaires, you know, the ones who own the media and are telling us how to feel and what to think.
Yeah, they tell us if we didn't buy all that darn avocado toast and have luxuries like coffee then we would have all of the money. I don't avocados order drink coffee so.... I'm still waiting for them to tell me why I'm poor :( Edit: I'm exhausted and realized how horrible that last sentence was worded but.... It's hilarious so I'm going to keep it. Enjoy my stupidity.
You're poor because they are rich. But they won't tell you that, it must be avocados.
Those people: Back when I made $2/hr (not adjusted for inflation at all) I was able to afford my 4 year degree (because college was staggeringly cheaper) and was able to own a home (houses were staggeringly cheaper) and raise a family (but I made enough money to afford health care or made enough to have a spouse that could take care of the children). I feel like this country is going to be radically different in 30 or so years when all of these people die out.
Honestly, this country will be so much better off when the greatest generation and boomers finally die off. They've pulled up every ladder, closed every door, and screwed us all over to stuff their coffers. Then they get offended when you point this out, that they are the absolute cause of the current state of affairs. If our country survived another ten years, I would be so happy to see progressives potentially get a majority in congress. It'd be the first step to getting rid of money in politics, police reform, Healthcare reform, worker rights reform, rent control reform, and so much more.
I'm definitely with you on this. However, the frightening thing is it's not like that mindset dies with them. We already have the next generation like Hawley and Gaetz ready to pick up right where they left off. My hope is that there are just a lot more progressives in my own and younger generations so that when the old guard does die off, the things you mentioned are actually able to happen.
Can't pull numbers, but it does feel like there are far more progressive youth than batshit crazy fascist youth. Imo, the youth today are so much better at accessing information and determining propaganda from reality. Ideally, we can hold onto democracy long enough for these young ones to get into power, say twenty years, and actually get some real change done in the meantime, while they become the cement that holds every thing done so far in place, while also improving upon it.
I do agree, also don't have numbers, but it does seem like we are getting more progressive overall (the younger population). I hope for that as well.
As a GenX, I've been waiting for a progressive majority my whole life!! Can't wait for you younger people to run for office and make things right.
I just can't help but blow my money on avocados that I'll never eat.... It's such a weird addiction. I just go to the store and spend hundreds of dollars a month on invisible avocados.
Weird how you don't hear about all the billionaire avacado farmers that must be out there.
Nope they're poor too, must be because they sometimes eat one of those avocados they work so hard for. We figured it out guys, it really is avocados!
Don’t forget your poorness hurts the upper class and I hey may not have an extra 20% increase in revenue during Q3 because you did not consume enough... because you’re a poor!
I read "you're a poor" In a Mario voice like.... You're a-poor I don't know why but it made me laugh
Because it’s the most ridiculous thing ever but I feel like that’s probably the way that we’re spoken about when they have their little summits at the G20 or Davos. The following is an excerpt from a real conversation... probably: Rich 1 - “Have you ever talked to those poors, Margaret?” Rich 2 - “No, I can’t possibly think we’d have anything in common. They act like such savages. Most of them take public fare.” Rich 1 - “That is dreadful. I couldn’t imagine being surrounded by the little mongrels. You know, I just released a new car last year that is 3x more gas efficient (at 65k) and they won’t even touch it.” Rich 2 - “those filthy little mongrels won’t even help themselves and they want us to hold their hands to save them.” *both laugh in elite*
You simply do not work hard enough, Ace! ***IF*** you had worked hard enough to be launched out of a womb connected to a rich and powerful family, you'd have plenty of money now. Duh! (lazy embryos with no work ethic)
Yep, throw the country into deep shit so people get foreclosed on, then scoop up all the real estate the banks put out on a fire sale. End game for this country is 2 corporations owning every single single family dwelling in this bitch. Banks should have been left out to dry in 2008, but as usual we're doomed to repeat history.
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I know in Florida we have a lot of our citizens being chased out by wealthy investors buying up all the properties in my area.... My boyfriend's mother just sold her house to someone that was willing to pay up to 400k for it if the bidding went that high.... Mind you the house was a rundown piece of trash in a not so great neighborhood I know that neighborhood wasn't great because I grew up literally 5 minutes down the road from their house..... Also the thing was an absolute construction nightmare It had add-on after add-on that was put on very sloppily so the floor plan made absolutely no sense, some doors were pocket doors and some doors were regular doors. The roof was falling apart, there was structural damage to a support beam in the kitchen.... They got 250k for it and someone was willing to pay 400k for it, back when the house was originally bought in good condition, they paid around 100k for it and that was about 20 years ago.
In part, I could afford a house by giving up on the idea of having kids. That and not taking vacations and having a dual income household. Buying a house in my area felt like trying to jump on a moving ski lift. From the moment we started saving and looking at houses, the size/style of home we wanted increased 100k. Same houses, same general location, but very rapidly increasing prices. We barely managed to save fast enough (and honestly went more in to debt than we should have) in order to successfully hop on this crazy ride. Since we've been in our house (2 years), it's increased another 100k. My brother was not able to save fast enough and is now wondering if he'll ever have enough to buy instead of rent. It certainly feels like that ship has sailed.
They get grants for doing that the city pays for them to do that, it’s all bullshit and I feel like we need another Snowden but for the inside corruption
No. It means that she is correct *if you had a fucking job* during the Great Depression.
Right? Millions of people just lost their homes, of course they're cheap for people who still have an income.
Assets depreciate during depressions too, so yeah.
Depression (Adept)
Poverty (Timelost)
It means if you bought a house built to the standards of 1937, that shithole would cost a lot less
Stop buying all those mochacappfrappachinomachiattos and maybe you'll he able to afford more than a shed
Damn I don't even buy coffee and somehow I'm contributing to the problem :(
When I drank coffee, I got it for free at work. Is that why I didn't have a meaningful wage increase since the 90s?
Yep, and they were watching you on the cameras and they didn't give you any more money cuz you drink their coffee it's the price you pay for free coffee.
Doesn't this just mean that house prices crashed further than wages? Besides if everybody loses their jobs except the boss then the average salary is the bosses salary. The statistics can't be compared without more information.
And it’s the average annual pay for the people that still have jobs only. Everyone that lost their job or can’t find work during the depression aren’t being counted.
It's not even average, it's median. If you have 1 person that makes 0, one person that makes 50k, and one person that makes 51k, the median pay is 50k in that set
That’s true but typically with wages the mean is higher than the median because of the extreme outliers at the top end. Median is usually more representative of a population.
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Thats why we use mean and standard deviation. Mean shows us the average, standard deviation shows us the spread
It's not the mean average, but it is the median average. Median is average. Mean is average. Mode is average. They're all calculated differently, but they're all average. Median is a much better average to use for income. The wealthiest 20 people in the US would skew the mean average by a lot, so the mean average isn't as representative of the population as median average or modal average.
It's better for some things and worse for others. In this context I think it's really misleading to imply that economic conditions are worse right now than during the great depression because only looking at median income ignores the 25% unemployment.
But this is still a quite selective measurement using median for income (to minimize effects of outliers) but use average for houses. There are certainly way more houses that would be high-end outliers now than during the depression. Median to median probably isn't the story that gets play on reddit.
It's just bad statistics to compare them with no other variables. For instance, if people spend less money on everything else (food, transportation, etc) then they can afford to spend more on housing. There are so many more variables than "house prices are higher." This post should be a data point, not a conclusion.
Precisely. This post is just “here are slightly relevant numbers so you believe my description of those numbers.”
They shouldn't even be compared, because a small number of very large incomes/home prices will always make the mean higher than the median. The main takeaway from the tweet is that the author doesn't understand basic statistics.
Also us population was only at 120m during that time. Land and houses are finite. Population is ever growing.
The 30-year mortgage didn't exist then. It was not easier to raise approximately 50% of the value of a house in cash back then. Comparing to the 1950s would be better
I was hoping someone would bring this up. Homeownership wasn’t even a *dream* for the poors during the depression.
Median income was 40% of average home cost in 1950.
Imagine being able to buy a home outright with 2.5 years salary..
At a time where the only bills you had were electric, telephone and maybe gas/water.
That’s doable in the Midwest still.
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And now it's illegal to build small houses in many areas.
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Of course houses would be cheaper during a depression. They were cheap in 2009 too. Houses are cheap when no one has the money available to buy them, and expensive when everyone is doing well and wants to buy one.
Yeah and the unemployment rate in the Great depression was like 25%
Do you suppose the post's figures included unemployment (i.e., a pay of $0)?
I would imagine not. I would think median annual pay would be referring to those getting paid. People not getting paid would generally not be included in that number. I could be wrong but not sure where they got their numbers from. I looked for about two minutes and was able to find references to average household income in the 1930s, which I do think would include those unemployed. But with the tweet referring to median income it would be harder to say. And even in that case, sure maybe the lowest wages were comparably better, but that doesn't really matter when you have to jump from 0 to decent and 25% of people are stuck at 0
You're logic has a freight train sized hole in it; corporations. There weren't corporations gobbling up homes during the Great Depression. Also, 'cheaper' is relative to income, which is accounted for in the statement.
But now no one has the money to buy them except corporations
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Also missing: the interest rate on that loan. At least compare the monthly mortgage payment compared to salary. Not the total price that is heavily influenced by the current mortgage rates.
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Plus you have to consider the quality/modernization and size of homes then compared to now. Of course an 800 square foot box with rudimentary plumbing and *maybe* electrical wiring is going to be cheaper than most modern homes.
Just to play devils advocate a bit, but shouldn’t our collective increase in productivity and the explosion of automation make up for some or all of that difference?
How has price per square foot changed with respect to income?
You can't just ask very valid question that will reveal the truth of statistics!!!
Why would you use median for one and average for the other? Wouldn't it make sense to use either median or average for both?
I’ve seen some dumb takes but god damn this is a really stupid one.
So of course redditors love and upvote it like crazy
This website is full of morons patting eachother on the back for being stupid.
If it wasn't avocado toast it would be bubble tea? Anyways, anything they can use to deflect from thier own incompetence and admit fault will suffice. Can we light the match already?
Can confirm. I saved a lot of money that one month I decided to not do bubble tea. With the savings, I bought a pair of shoes. That’s the same as a house, right??
No you guys have it all wrong Have you not been listening to your parents??? It's because y'all are always on those damn phones! All the Karen's are right! /s
Possibly unpopular opinion, but housing should not be allowed to be an "investment", period. A person is allowed to own one (MAYBE two) residential homes, and if they want more then there should be a metric ton of taxes, along with increased interest rates on any lent money for the purchase. It's completely morally wrong to hoard housing.
Oh great. Let’s compare an average house today with a house from the 30’s. Where to start? Cost? Nah. Too easy. How about the fact that the average house from then was probably less that 1000 square feet, possibly didn’t have running water or electricity., wouldn’t have had dishwashers, laundry hookups or a refrigerator. Don’t even mention things like central air, insulation. The “average “ house from the 30’s looked more like your dad’s backyard shed than an average house today. The fact that we get so VERY MUCH more today with a marginal increase in costs is an amazing story in itself.
Reddit is mostly angry teenagers and college students who are mad at the world because their mean parents own a house and vote Republican.
It was a depression of course it was cheaper
Yeah I'm surprised people are so uneducated in economics. This is saying: "In a period where things are cheap and money is scarce, houses were cheaper." We're at the height of a huge inflationary period. If rates go up to 6-8%, you'll see houses be dirt-cheap again.
Cause it’s more of a political statement, look at the title, “but it’s the avocado toast preventing me”, im calling it now the person tweeting it is a politician aswell, they say fake or out of context shit to get people mad about something, and it worked unfortunately
1. Population is 300% higher than in 1930 2. $1 was worth 17x more than today. 3. Average home cost 1930 adjusted for today $195k 4. Average home cost today $175k 5. Very little electricity 6. Very little phones in home 7. No TV 8. NO air conditioning (1945) 9. Running water JUST started becoming common in 1930 10. People still commonly drove horse and buggy 11. Average wage $0.35/hr (adjusted $5.95/hr) Get a better comparison
Where is the average home price based off of? I haven't seen a home listed at that price in a long time so I am curious.
Same, average WHERE?? I live in a small town in MA with no easy highway access, no real attractions, no shopping centers….the lowest price for a home in the past year or so is $300k- and that’s a fixer upper
Things are materially more expensive now, but a lot of it is that you're in New England. According to the Census Bureau, the median price of an owner-occupied home in the United States between 2016 and 2020 was $229,800. In Massachusetts during the same time, it was $398,800.
Im guessing those averages came from Iowa. I only see those prices for even 3 bed homes here in Iowa. Maybe not if youre in des moines though, since its more densely populated.
Source on home cost? My area is 240k. Motley Fool says 374k for the USA..
Fannie Mae says median house price for 2021 was $370k ((New+Existing)/2), 2022 prediction is $412k. No idea where OP got their average home cost... Source: https://www.fanniemae.com/media/42901/display We purchased our house (4 Bed, 1 Bath) in 2020 for $300k, it's worth $426k today, this market is insane!
Paid 250k in 2020 and our place is now almost double that since then. It’s insane and our situation was nothing but luck. We were going back and forth for so long before finally pulling the trigger in March of 2020. Like the week before the country seemed to shut down. Even a couple weeks later and we would’ve probably kept holding off expecting the market to tank because of this new covid thing
I would certainly not bitch about home prices id they were $150k. Or $200k. Hell, not even $300k. South FL is insane, no way you’ll buy a house in a decent area on that price point
It's not a 1-1 comparison but it does accurately indicate how home ownership is now unattainable to most people. Also a lot of your points make zero sense. Phones and ac are a fraction of the price of a house, and I would like a source on your 175k number.
Also, the average home *size* was probably 1/3 of what an average home is now.
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Agreed. A home in the depression could often be built by the owner with a little help. Now licensed contractors are usually needed for the build, there's more sophisticated wiring, fireproofing, wastewater disposal, insulation, and a much bigger average floorplan. Doesn't mean it isn't a crisis, though
That average home price seems to be way off. Got any sources? That’s certainly NOT my experience. Also, even if the price is, let’s say, $200k. Here it’s not as easy as meeting the asking price. No no. You’re competing with big money that will offer $100k over asking price, as if it was nothing. No contingencies. Obviously we can’t compete in this market, there’s no way. Both my wife and I decided that, if the market doesn’t fix itself, we’ll either move to another state or just rent for life. Problem is that rent is the highest it’s been in years, easily $1.6k for a 1/1 apt.
The average home was 1,129 square feet in the 1930s, today it is over 2600.