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re: How much was your house worth 20 years ago?
Posted on 8/30/22 at 11:18 am to lsupride87
Posted on 8/30/22 at 11:18 am to lsupride87
quote:
This is simply bullshite
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
While I agree with you on the issue of ignoring data they are correct in that people want to complain about life now but nobody wants to live like it's 1970 anymore.
The data says 100% fact wages suck on average compared to house prices. That's a fact and not debatable but
People that complain with memes about dad could afford this or that on single salary also don't understand dad had the following
1200 sf house
1 vehicle usually keeping for 10 years and they would hit 100k miles in year 7 or 8.
Cooked every meal except for once or twice a month
Didn't really do anything on the weekend except chill at the house or maybe fish
The boat he had was small Jon boat. No hunting camp, no duck lease etc
The house had basics only
He also didn't have cell phones, cable, Internet, no Netflix or any other subscriptions.
All those extras add up big time.
Now food prices is out of control as are energy cost but overall they lived a much simpler lifestyle a d if you want to live that you could cut back tremendously on overall cost.
2
Posted on 8/30/22 at 11:19 am to SuperSaint
Bought my first house in 2000. A 1,200 square foot ranch style home for $50K at 8.25%. Sold it in 2004 for $63k. Zillow is saying it worth about $150k now. So about triple.
Posted on 8/30/22 at 11:21 am to PeteRose
quote:
The previous owner of my house lived there for 40+ years
This is the same for me. The previous owner of the house built it in 1950 and was the only one who lived in it before he passed. I did see some older values but I am not sure if this is the TAX assessment or some borrowed/mortgage value?
9/16/1954 $24,350
3/3/1954 $4,000
5/29/1953 $3,600
Posted on 8/30/22 at 11:21 am to PeteRose
It’s embarrassing what home prices have done in my area over the COVID years. We live in an area people flocked to when all this started.
This post was edited on 8/30/22 at 2:24 pm
Posted on 8/30/22 at 11:27 am to lsu777
quote:
People that complain with memes about dad could afford this or that on single salary also don't understand dad had the following
1200 sf house
1 vehicle usually keeping for 10 years and they would hit 100k miles in year 7 or 8.
We weren't poor growing up. My parents were college educated and solidly middle class. We also lived in a 1500 sq ft home for a family of 5. My sisters shared a bedroom. My dad drove a 15 yr old Monte Carlo to his white collar job. I doubt a large percentage of people today would be willing to live like that.
Posted on 8/30/22 at 11:29 am to RolltidePA
quote:
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
I see cookie cutter neighborhoods going up all over the place. Now the prices depend where these are at, but they arent out of this world expensive. 250k
The problem in BR ive been told is theres a gap between the starter home 200k range and million dollar homes in terms of houses and inventory.
Posted on 8/30/22 at 11:30 am to lsu777
quote:Here is the deal though
People that complain with memes about dad could afford this or that on single salary also don't understand dad had the following 1200 sf house 1 vehicle usually keeping for 10 years and they would hit 100k miles in year 7 or 8. Cooked every meal except for once or twice a month Didn't really do anything on the weekend except chill at the house or maybe fish The boat he had was small Jon boat. No hunting camp, no duck lease etc The house had basics only
In 1970s you are comparing a dad who didn’t co to college and worked in a manufacturing plant or manager at a grocery store whose wife didn’t work and they had 4 kids in private school could live the life above
The couple now in your modern example is two college grads both working with only two kids and they are priced out
That’s how absurd it’s got.
If you actually try to compare apples to apples, and use the 1970family above and conpre to a married couple where the wife doesn’t work and the husband is a grocery store manager or equivalent, they are living in an apartment in a sketchy area now building zero wealth while the 70s couple was in a house and doing everything you listed above
This post was edited on 8/30/22 at 11:35 am
Posted on 8/30/22 at 11:35 am to lsupride87
quote:
People that complain with memes about dad could afford this or that on single salary also don't understand dad had the following 1200 sf house 1 vehicle usually keeping for 10 years and they would hit 100k miles in year 7 or 8. Cooked every meal except for once or twice a month Didn't really do anything on the weekend except chill at the house or maybe fish The boat he had was small Jon boat. No hunting camp, no duck lease etc The house had basics only
Here is the deal though
In 1970s you are comparing a dad who didn’t co to college and worked in a manufacturing plant or manager at a grocery store whose wife didn’t work and they had 4 kids in private school could live the life above
The couple now in your modern example is two college grads both working with only two kids and they are priced out
That’s how absurd it’s got.
If you actually try to compare apples to apples, and use the 1970family above and conpre to a married couple where the wife doesn’t work and the husband is a grocery store manager or equivalent, they are living in an apartment in a sketchy area
Here's actually the deal... You are both right.
People have inflated expectations and pricing has inflated to an unsustainable level. These aren't mutually exclusive things.
Posted on 8/30/22 at 11:37 am to RolltidePA
I don’t think the young couple who don’t have college degrees where the husband works hard and wants to start a family has that unrealistic wants
In America, a young couple used to be able to get married out of high school, the woman stay home, have multiple kids, the man take a local job, and they could buy a house and start a life building wealth and comfort
That absolutely does not exist anymore at all on the macro level. It’s dead
Just think how fricked a young couple above is right now in the scenario listed. They would be living in an apt in hardware hoping not to be shot while the 70s couple had a nice quaint house in Shenandoah or Jefferson terrace
People that have money to live comfortably but have too many unnessary wants has always existed in every generation. What he changed through is the families that just want a quiet comfortable life no longer can do that in America
In America, a young couple used to be able to get married out of high school, the woman stay home, have multiple kids, the man take a local job, and they could buy a house and start a life building wealth and comfort
That absolutely does not exist anymore at all on the macro level. It’s dead
Just think how fricked a young couple above is right now in the scenario listed. They would be living in an apt in hardware hoping not to be shot while the 70s couple had a nice quaint house in Shenandoah or Jefferson terrace
People that have money to live comfortably but have too many unnessary wants has always existed in every generation. What he changed through is the families that just want a quiet comfortable life no longer can do that in America
This post was edited on 8/30/22 at 11:41 am
Posted on 8/30/22 at 11:43 am to lsupride87
quote:
I don’t think the young couple who don’t have college degrees where the husband works hard and wants to start a family has that unrealistic wants
In America, a young couple used to be able to get married out of high school, the woman stay home, the man take a local job, and they could buy a house and start a life building wealth and comfort
That absolutely does not exist anymore at all on the macro level. It’s dead
Sadly, those market conditions simply don't exist anymore. In a global market where countries can exploit labor, such as China, that way of life disappeared, for here anyway.
I grew up in a town where the lifestyle you described was the expectation and an entire industry died in a decade and took that lifestyle with it. Some folks there say it was never sustainable, and the rise of cheap asian labor just was the final nail. I don't know if I agree, but they lived through it and I can take their perspective at face value.
This post was edited on 8/30/22 at 11:46 am
Posted on 8/30/22 at 11:46 am to RolltidePA
It’s depressing. Me and my wife did live the 70s style recently
We lived in a 1400 sq ft house in a 1965 house and raised our first 2 kids there. We could afford it but had to watch money. It was the equivalent of the 1970a…….
However she is an RN and I am a CPA. Not just some local business working man out of high school and a stay at home wife…..
So if that’s what it takes to afford the basic middle class lifestyle, how in the true average just working class young person supposed to survive and advance anymore?
We lived in a 1400 sq ft house in a 1965 house and raised our first 2 kids there. We could afford it but had to watch money. It was the equivalent of the 1970a…….
However she is an RN and I am a CPA. Not just some local business working man out of high school and a stay at home wife…..
So if that’s what it takes to afford the basic middle class lifestyle, how in the true average just working class young person supposed to survive and advance anymore?
This post was edited on 8/30/22 at 11:47 am
Posted on 8/30/22 at 11:48 am to lsupride87
quote:
Me and my wife
My wife and I
quote:
So if that’s what it takes to afford the basic middle class lifestyle,
If you can't afford a 1,400 sq ft house in Louisiana on $150k income that's on you
Posted on 8/30/22 at 11:50 am to Mingo Was His NameO
quote:Can you not read? The entire point was we could afford it, but it took roughly the salary you listed above in order to do that. That 1400 sq foot house coat 245k
If you can't afford a 1,400 sq ft house in Louisiana on $150k income that's on you
This post was edited on 8/30/22 at 11:51 am
Posted on 8/30/22 at 11:54 am to lsupride87
quote:
So if that’s what it takes to afford the basic middle class lifestyle, how in the true average just working class young person supposed to survive and advance anymore?
Talk with the folks who lived through those eras. It was never easy for them and money was never abundant. They had the same issues we do today, maybe even worse.
How are they supposed to survive and advance? I have two young kids and I worry about that every day. Skills and adaptability, same things win that have always won.
Posted on 8/30/22 at 11:54 am to RolltidePA
quote:No, they didn’t
They had the same issues we do today, maybe even worse.
The wage to housing data proves that
This post was edited on 8/30/22 at 11:55 am
Posted on 8/30/22 at 11:55 am to Deactived
quote:
The problem in BR ive been told is theres a gap between the starter home 200k range and million dollar homes in terms of houses and inventory.
When I was house shopping in Baton Rouge a couple of years ago, as far as I could tell, there hadn’t been a “starter house” built in roughly the last half century. But that makes sense when you look at land prices. If a quarter acre lot in a decent area of town runs you $250k+, it doesn’t make much sense for a developer to build a starter house on it.
Combine that with this, and you have problems:
Posted on 8/30/22 at 11:57 am to Joshjrn
Thank you for the chart. In no way did our older family members experience “what young people are today” in terms of being able to build wealth through housing
This post was edited on 8/30/22 at 11:58 am
Posted on 8/30/22 at 11:57 am to lsupride87
quote:
They had the same issues we do today, maybe even worse.
No, they didn’t
The wage to housing data proves that
Don't be melodramatic. Sure, housing is expensive. But life in general was much harder then than it is today.
Posted on 8/30/22 at 11:58 am to lsupride87
quote:
Can you not read? The entire point was we could afford it, but it took roughly the salary you listed above in order to do that. That 1400 sq foot house coat 245k
That's like $1,2000/month with escrow bruh
Posted on 8/30/22 at 11:59 am to PeteRose
I have no idea what the house we live in now was worth twenty years ago, we haven't been here that long. The house I owned twenty years ago I bought for $88,000 in 1998 and sold for $218,000 in 2005.
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