I think the cost of housing has increased more than the general rate of inflation since 1979.
So that would definitely impact a middle-class lifestyle, as it relates to home ownership or the type of home that people live in.
“I think the cost of housing has increased more than the general rate of inflation since 1979.”
I know this to be true since it’s been my work since 1979 when I bought two little building lots and turned $4,200 into $21,500 in 3 years.
Land has gone up even more than housing. I’ve kept buying, holding and selling it since ‘79. Ride the waves and prosper. It doesn’t matter where you start, it only matters that you start. Almost every prosperous person I talk to says they’ve made more money in real estate than anything else and that includes people who have made a lot of money in other businesses and/or jobs. They say they had successful careers but made their biggest money buying real estate.
One of the common saying among long timers in real estate is “You don’t make money selling real estate, you make money buying it.”