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Posted on 8/30/22 at 10:30 am to cable
quote:
So where would you move?
We were going to build on acreage we already own. Many factors conjoined to thwart that plan, however.
Posted on 8/30/22 at 10:31 am to PeteRose
quote:
How much was your house worth 20 years ago?
It did not exist.
Posted on 8/30/22 at 10:33 am to PeteRose
7.3M
Posted on 8/30/22 at 10:36 am to PeteRose
My house didn’t exist 20 years ago and my property was in the middle of the ghetto.
Posted on 8/30/22 at 10:42 am to PeteRose
Had a house built in 2001 for $132K. Now Zillow says it's worth $370K.
Posted on 8/30/22 at 11:00 am to TigerintheNO
quote:
I bought it 20 years ago this past May, it worth a little over twice as much what I paid.
Bought mine in 2000, it was 19 years old then. It's worth roughly 1.7 what I paid for it now. Older neighborhood and some of the house is somewhat dated though the kitchen upgrade we did gets rave reviews. (took out two walls and opened up much of the kitchen/dining/living room).
The age of the home, neighborhood and size can have a significant impact on the appreciation.
Posted on 8/30/22 at 11:01 am to 777Tiger
quote:No, just no
wages are up over all too
The average wage to average house cost ratio is the worst it’s ever been in American history. Even worse than the Great Depression
I swear it’s impossible to get old people to accept this simple fact
This post was edited on 8/30/22 at 11:02 am
Posted on 8/30/22 at 11:01 am to PeteRose
Sold in 1977 for $56k. Sold in 2005 for $140k. I bought it last year at $325k. Zillow says it's worth $370k.
House was built in 1938.
House was built in 1938.
This post was edited on 8/30/22 at 11:02 am
Posted on 8/30/22 at 11:03 am to PeteRose
Can't give you 20 years worth of value, but we bought our old house in 2011 (it was built in 1910) for $138,000 sold it in 2019 for $251,000 and it's currently valued at $367,000. Looks like the previous valuations around 2002 had it $110,000-120,000, but I don't have any solid numbers for that.
We put a ton of work into the place and we live in an extremely hot real estate market in Raleigh, NC.
The American Dream has been perverted by politicians trying to sell you on their next garbage policy. The goalposts haved moved so ridiculously far that people don't have realistic expectations anymore. The American dream for my grandparents was to not have to live in a tiny house, with a dirt floor, that actually had heat and wasn't in a communist country. For my parents it was a 1,500 sq. ft. house with a lawn and a garage in a safe neighborhood, with one car so they didn't have to take the bus anymore.
Now it's a 4 bedroom 3,000+ square ft. house, Two SUV's and a car for the kids, big screen TV's, $1,000+ Cell phones, satellite TV, a laptop computer and ipad for every member of the house. Not saying I don't enjoy those things, but lets be realistic.
Also selling a house in 2001-2002 was one of the two most depressed markets of my lifetime. The economic halt post 9/11 was just as bad as 2008-2010. So, with that and inflation pricing isn't really 1:1 with today's market.
We put a ton of work into the place and we live in an extremely hot real estate market in Raleigh, NC.
quote:
American dream is sure expensive.
The American Dream has been perverted by politicians trying to sell you on their next garbage policy. The goalposts haved moved so ridiculously far that people don't have realistic expectations anymore. The American dream for my grandparents was to not have to live in a tiny house, with a dirt floor, that actually had heat and wasn't in a communist country. For my parents it was a 1,500 sq. ft. house with a lawn and a garage in a safe neighborhood, with one car so they didn't have to take the bus anymore.
Now it's a 4 bedroom 3,000+ square ft. house, Two SUV's and a car for the kids, big screen TV's, $1,000+ Cell phones, satellite TV, a laptop computer and ipad for every member of the house. Not saying I don't enjoy those things, but lets be realistic.
Also selling a house in 2001-2002 was one of the two most depressed markets of my lifetime. The economic halt post 9/11 was just as bad as 2008-2010. So, with that and inflation pricing isn't really 1:1 with today's market.
Posted on 8/30/22 at 11:06 am to RolltidePA
quote:This is simply bullshite
The American Dream has been perverted by politicians trying to sell you on their next garbage policy. The goalposts haved moved so ridiculously far that people don't have realistic expectations anymore. The American dream for my grandparents was to not have to live in a tiny house, with a dirt floor, that actually had heat and wasn't in a communist country. For my parents it was a 1,500 sq. ft. house with a lawn and a garage in a safe neighborhood, with one car so they didn't have to take the bus anymore. Now it's a 4 bedroom 3,000+ square ft. house, Two SUV's and a car for the kids, big screen TV's, $1,000+ Cell phones, satellite TV, a laptop computer and ipad for every member of the house. Not saying I don't enjoy those things, but lets be realistic.
A simple 1200 sq ft house in a non dangerous area in any area with a job market still has prices through the roof compared to anytime in American history
I swear older people need to be rounded up, but in a camp, and forced to see data on housing prices through your history and not allowed to leave until they can comprehend the facts
This post was edited on 8/30/22 at 11:08 am
Posted on 8/30/22 at 11:09 am to lsupride87
quote:
The average wage to average house cost ratio is the worst it’s ever been in American history.
An old ex is making $40 an hour working for Amazon delivering stuff - I think you're wrong
Posted on 8/30/22 at 11:09 am to cable
quote:
An old ex is making $40 an hour working for Amazon delivering stuff - I think you're wrong
Posted on 8/30/22 at 11:10 am to lsupride87
quote:
The average wage to average house cost ratio is the worst it’s ever been in American history. Even worse than the Great Depression
There's more than one factor at play here. They aren't building 1,500 sq. ft. 3 bedroom houses anymore like they used to. At least not in any volume. No demand and lower margins. So housing costs and expectations have gone far beyond the historical earning scale, totally skewing the house cost to earning ratio. That also leaves no room in the market for the old "starter home".
Second, you are right, the general wealth gap is currently worse than what triggered the French Revolution. When we hear politicians say "we're shutting down oil, just buy a $65,000 electric car"; it's exactly like hearing "let them eat cake".
Posted on 8/30/22 at 11:11 am to cable
quote:
ex is making $40 an hour working for Amazon delivering stuff - I think you're wrong
So because one person is doing that suddenly the data is wrong?
Posted on 8/30/22 at 11:12 am to cable
quote:
An old ex is making $40 an hour working for Amazon delivering stuff - I think you're wrong
Yeesh
Posted on 8/30/22 at 11:13 am to PeteRose
quote:
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.
"We had our house paid off at 30. What's wrong with Millennials these days?"
Posted on 8/30/22 at 11:15 am to PeteRose
Purchased 21 years ago at $365 for 3786 square foot with 3 car garage and pool.
Valued now at about $830k.
Valued now at about $830k.
Posted on 8/30/22 at 11:16 am to lsupride87
quote:$200-350k here depending on condition. The low end are 70s houses 2br/1ba that renters have torn up.
simple 1200 sq ft house in a non dangerous area in any area with a job market still has prices through the roof compared to anytime in American history
Posted on 8/30/22 at 11:17 am to The Boat
quote:I’ll be 54
We had our house paid off at 30. What's wrong with Millennials these days?"
This post was edited on 8/30/22 at 2:15 pm
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