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How much was your house worth 20 years ago?
Posted on 8/30/22 at 9:48 am
Posted on 8/30/22 at 9:48 am
For people who live in an old house, how much was it worth 20 years ago? The previous owner of my house lived there for 40+ years so it's hard for me to tell. However, the house across the street from me was sold for 54K in 2001, and it was 1700 sqft. That's $31 sqft. Currently, another house down the street is on the market and it's asking $230 sqft. That's over a 7x increase. And this is a middle class neighborhood.
It's ridiculous how affordable housing used to be and how they're not anymore. So back then, if you put 20% down, thats roughing 10k. Now for the same house, that 20% down would be 78k. American dream is sure expensive.
It's ridiculous how affordable housing used to be and how they're not anymore. So back then, if you put 20% down, thats roughing 10k. Now for the same house, that 20% down would be 78k. American dream is sure expensive.
36
Posted on 8/30/22 at 9:51 am to PeteRose
I bought a house similar to my current house in 2005 for $115k. My current house is appraised on Zillow for $405k.
Posted on 8/30/22 at 9:51 am to PeteRose
quote:
So back then, if you put 20% down, thats roughing 10k. Now for the same house, that 20% down would be 78k. American dream is sure expensive.
Back then you didn’t have all of the modern necessities. A home didn’t come with granite countertops, 10-12 foot ceilings, designer furniture, smart appliances, 2 car garage, etc.
Did the house get expensive or the amount of shite we put in them get expensive?
Posted on 8/30/22 at 9:55 am to PeteRose
Not sure on the 20 years ago but 10 years ago in 2012 $675K today $1.8 (according to Zillow) 2,650sq ft ($700/sqft)
This post was edited on 8/30/22 at 11:11 am
Posted on 8/30/22 at 9:57 am to beerJeep
quote:
Did the house get expensive or the amount of shite we put in them get expensive?
yes
Posted on 8/30/22 at 9:58 am to jvilletiger25
quote:
bought a house similar to my current house in 2005 for $115k. My current house is appraised on Zillow for $405k.
House near me was $130 in 2001 but now being sold for over $425k
Posted on 8/30/22 at 10:01 am to HailToTheChiz
Just more burden being passed down to kids
Posted on 8/30/22 at 10:01 am to PeteRose
I bought my house new in 2001 for $220k. I probably put in another $50k in upgrades over the years. It's currently prob worth $500k. Really not a great ROI.
FYI - I don't really consider it an "old" house - an old house to me is one that built in the 80s or before - more on the side of like pre 1950.
FYI - I don't really consider it an "old" house - an old house to me is one that built in the 80s or before - more on the side of like pre 1950.
This post was edited on 8/30/22 at 10:02 am
Posted on 8/30/22 at 10:04 am to PeteRose
I bought it 20 years ago this past May, it worth a little over twice as much what I paid.
Posted on 8/30/22 at 10:04 am to PeteRose
2017 it sold for $100/Sq ft
We just bought a couple months ago at $183/foot but it appraised at $204/foot. We got a quick off market deal.
So doubled in 5 years.
We just bought a couple months ago at $183/foot but it appraised at $204/foot. We got a quick off market deal.
So doubled in 5 years.
Posted on 8/30/22 at 10:13 am to PeteRose
Mortgage rates fell to historic lows 20 years ago
By which I mean pretty much where we are today, which is poised to crush the housing market. Cheap and easy money helped push prices to where they are today.
By which I mean pretty much where we are today, which is poised to crush the housing market. Cheap and easy money helped push prices to where they are today.
Posted on 8/30/22 at 10:16 am to PeteRose
I bought mine 20 years ago next May. According to comps in my area when I debated selling last year, it has doubled in price.
Posted on 8/30/22 at 10:17 am to PeteRose
Tree Fiddy?
Posted on 8/30/22 at 10:18 am to ladygoodman
quote:
I debated selling last year,
So where would you move?
Posted on 8/30/22 at 10:18 am to MyRockstarComplex
quote:
Cheap and easy money helped push prices to where they are today.
Yep which is coming to an end. Most people can't afford nearly as much house at 7% vs 3%
Posted on 8/30/22 at 10:24 am to PeteRose
A lot of middle class Americans cannot afford to buy a house on the current market
Posted on 8/30/22 at 10:26 am to PeteRose
subtle I own a house brag baw.
Posted on 8/30/22 at 10:28 am to fallguy_1978
quote:
Yep which is coming to an end. Most people can't afford nearly as much house at 7% vs 3%
wages are up over all too, I have a friend whose daughter(no pics,) graduated hs a year or so ago, then went to a tech course at a local JUCO to learn how to run an autoclave, course wasn't even a year and her first job is at a hospital starting ay 40k/full benefits
Posted on 8/30/22 at 10:28 am to PeteRose
my house didn't exist 20 yrs ago
Posted on 8/30/22 at 10:28 am to PeteRose
quote:
However, the house across the street from me was sold for 54K in 2001, and it was 1700 sqft. That's $31 sqft. Currently, another house down the street is on the market and it's asking $230 sqft. That's over a 7x increase. And this is a middle class neighborhood.
No chance in hell you are comparing homes in equal condition and with equal finishes/features.
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