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re: If inflation remained average and constant since 1976, the avg home price = 137,400 today
Posted on 7/13/24 at 12:17 pm to East Coast Band
Posted on 7/13/24 at 12:17 pm to East Coast Band
quote:
Average home size in 1976 was probably like 1500 sf. Now, it's probably 2200 sf.
That’s a more than fair point.
I'd counter simply by saying people still have to buy the homes in order to live and that expense drives the overall buying power.
0
Posted on 7/13/24 at 12:25 pm to RogerTheShrubber
The Great Inflation lasted from 1965 to 1982.
The cost of oil was one of the biggest causes. We had two big spikes in energy costs: the oil embargo of 1973 and the energy crisis of 1979.
Between those two events, the price of oil rose 1200%.
I wish we had a better understanding of the Phillips curve in 1960.
I wish we were not dependent on foreign oil in the 1970s and 1980s.
But I'm not going to cry over it now.
The cost of oil was one of the biggest causes. We had two big spikes in energy costs: the oil embargo of 1973 and the energy crisis of 1979.
Between those two events, the price of oil rose 1200%.
I wish we had a better understanding of the Phillips curve in 1960.
I wish we were not dependent on foreign oil in the 1970s and 1980s.
But I'm not going to cry over it now.
Posted on 7/13/24 at 12:33 pm to theunknownknight
Here, it says that 1976 home prices would be $268,192 in today's money.
LINK
Certainly cheaper than today, but it's not as extreme of a difference as you're claiming.
LINK
Certainly cheaper than today, but it's not as extreme of a difference as you're claiming.
Posted on 7/13/24 at 12:34 pm to theunknownknight
Thank democratic voters
Posted on 7/13/24 at 12:36 pm to Tigerroar73
quote:
Here, it says that 1976 home prices would be $268,192 in today's money.
That's why I said “if inflation had remained average and constant” at its historical normal averages
Using that as a baseline is where the buying power number comes in. The number from yahoo finance smuggled in higher inflation numbers beyond the historical controlled baseline.
This post was edited on 7/13/24 at 12:37 pm
Posted on 7/13/24 at 12:39 pm to East Coast Band
quote:
Average home size in 1976 was probably like 1500 sf. Now, it's probably 2200 sf.
Yep. My parents bought their first home in 1978 for 50k. It was about 1500-1600 sq ft for a family of 5.
It's not worth anything close to 450k today, although some of that is age and it's in a declining neighborhood. It still wouldn’t be anything close to that in this market in a better area either though.
Posted on 7/13/24 at 12:41 pm to theunknownknight
Yet somehow you've never provided a link to anything saying that the house price in 1976 was the equivalent of $137,400 today. You claim it's the result of some Harvard study but you never provide a link to the study.
Posted on 7/13/24 at 12:43 pm to Tigerroar73
quote:
Yet somehow you've never provided a link to anything saying that the house price in 1976 was the equivalent of $137,400 today. You claim it's the result of some Harvard study but you never provide a link to the study.
Cry more.
I specifically said what I did in this thread: I pulled the 2.43 number from google as it was stated to be the standard average increase over 20 years and didn't stray much over the course of decades.
I pulled 43,000 dollar average price from 1976 straight from google
Then I did this magical thing called math while citing my baseline caveat in the subject title.
This post was edited on 7/13/24 at 12:44 pm
Posted on 7/13/24 at 12:44 pm to wheelr
Kind of cherry picking your cities there aren't you ?
The Villages ?
So as Baby Boomers retired, The Villages got more expensive.
Why don't you do home appreciation since 1990 in Detroit ?
The Villages ?
So as Baby Boomers retired, The Villages got more expensive.
Why don't you do home appreciation since 1990 in Detroit ?
Posted on 7/13/24 at 12:44 pm to theunknownknight
quote:
*2.43% inflation year over year starting and an average home cost of 43,400 dollars in 1976.
How are you coming up with that rate? Which time frame?
Posted on 7/13/24 at 12:47 pm to Joe Dimaggio
quote:
Kind of cherry picking your cities there aren't you ?
I picked a random page. I clicked through about 15 of them and they were all similar. I also provided the link so you can look yourself.
Do better.
Posted on 7/13/24 at 12:47 pm to East Coast Band
quote:
But how much would that color TV cost now?
Very different since the technologies and materials have changed so much since the 70s. Houses… not so much
Posted on 7/13/24 at 12:48 pm to PhysicsGuy
quote:
How are you coming up with that rate? Which time frame?
Pull directly from a google search from the last 20+ years
Another search said 2.5% over the last 30 years
Investopedia also provides numbers since 1929 here you can reference that show it is around 2.5 or less as a baseline.
This post was edited on 7/13/24 at 12:50 pm
Posted on 7/13/24 at 12:49 pm to Joe Dimaggio
Blow me grandpa
Posted on 7/13/24 at 12:50 pm to theunknownknight
The people arguing for boomers in that thread are not the brightest bulbs in the batch
Posted on 7/13/24 at 12:51 pm to mauser
quote:So bloated that they have their own police force.
Destroyed by federal printing press on laxatives
And it’s exactly as efficient as you think it would be, being based in DC.
Doughnut eating competitive though.
Posted on 7/13/24 at 12:53 pm to Tigerroar73
quote:
Here, it says that 1976 home prices would be $268,192 in today's money. LINK Certainly cheaper than today, but it's not as extreme of a difference as you're claiming.
The median home price is almost $450k now
Posted on 7/13/24 at 12:55 pm to East Coast Band
quote:
But how much would that color TV cost now?
Thank goodness for all the Asian children workers.
Posted on 7/13/24 at 1:01 pm to kywildcatfanone
Corporate greed and shrinkflation. Pay more for less so you have to buy more. Poor quality goods as well... nothing lasts anymore.
In 3 years, regardless who is President, gas will be $5 again at some point.
In 3 years, regardless who is President, gas will be $5 again at some point.
Posted on 7/13/24 at 1:01 pm to mbraud4
quote:
Blow me grandpa
Did my facts hurt your feelings ?
Now shut up and make my Latte so I don't miss my Tee Time.
This post was edited on 7/13/24 at 1:15 pm
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