Posted on 05/30/2017 10:04:24 AM PDT by Thalean
In 1973 the median household income was $9,265...
Consider that the median sales price of a new home in January, 1973, was only $29,900—3.2 times the median household income. In other words, if the median family saved up every penny earned, and put it towards a new home, it would take just over three years to buy a brand new house.
This held relatively steady for the next decade. In 1985, new home prices crept up a little, to 3.7 times the median household income.
It was during the 1990s and 2000s that home prices began to skyrocket towards where they are today.
In January 2017 the median sales price for a new home was $317,400, which is 5.6 times the median household income of $56,516.
All told, houses are 73% more expensive today, in real terms, than they were in 1973...
The US Census started tracking the median lot size (in square feet) for new home construction in 1976. During that year, the average lot was 10,125 square feet. In 2015, it’s only 8,600—the smallest on record.
So not only are houses getting more expensive, but we’re getting less land as well.
In the interest of fairness, I’ll also point out that the median new home is larger, in terms of square footage, than older homes as well—so it’s not a total loss.
(Excerpt) Read more at nationaleconomicseditorial.com ...
Yup and most of the Southeast except southern Florida as well.
[[They are about as close together as two teens at a movie................]]
So about 3 feet apart then?
i just bought a car battery today for $135 i was mentioning to my GF the last time i bought on it was around 60 bucks.
[[Um...population has increased.]]
And yet even still everyone in the world could fit into the state of texas with room to spare
Luckily, the master bedroom window is on the same side as their neighbor’s garage..................
Across the street local policeman bought an old house and renovated it, removed the garage out back and built a colonial on a tiny lot in it’s place. sold the new colonial for $750 GRAND and the old house for $550.
I wish i had the capitol, credit and connections to pull of that kind of deal.
But you'll note American wages did not nearly doubled in that time.☺ Btw, a real good car battery that will last, now cost about 175 bucks, and UP..
How come you guys in the rental/RE biz always crop the hell out of your pics?
Those aren’t cropped pics lol taken on my iphone
No, no, if you’re in the biz you know exactly what I’m talking about.
They always crop the hell out of their rental/RE pics because if they showed ya too much or the rest, few would bother going to look at it. They’ve turned RE pics it into an art.
Btw, in your “Townhome #1 shot, is everything I’m seeing in the pic 1 residence?
More angles than cropping. And the answer is yes, the pics are all one residence.
Where’d ya go?
Why does #1 have two front doors?
Why does #1 have two front doors?
People demand so much more in a house these days. We all grew up in 1700 square foot houses with 3 bedrooms, one bath and a one car garage. Now, as you pointed out, the average house is 2500 sq ft with 4 bedrooms, 2 1/2 baths and a huge kitchen.
Watch any show on HGTV. Young buyers WANT more expensive products in their house. They want new SS appliances, granite countertops, double sinks in the bathroom, walk in closets, hardwood floors, must have a master bathroom, etc.
Most of these kids can not even cook, but they need to have a $25K kitchen to bake a frozen pizza. Luckily, I did not marry one of those.
Another economist pointed out that the 70s were the final golden years for the average American. We saw a massive rise in standards of living from 1925 to 1975. After that we see a slide in standard of living. Not just houses. Look back at, for simple examples, the price of apples and bread. Even look at automobiles. Sure, we can play Angry Birds with a device in our back pocket, but we can’t afford to have one person staying at home while the other works.
Blame Nixon and selling out to China. Blame also easy money monetary policy from the Fed.
Ask your real estate agent to find a 5 or 6 bedroom home and he will laugh. They are building these micro homes now that have a yard the size of a cubicle. If I wanted that sort of living I would move to the big city.
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