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re: Minimum wage in the 1970s would be the equivalent of making almost $56,000 a year now
Posted on 4/22/26 at 11:32 pm to theunknownknight
Posted on 4/22/26 at 11:32 pm to theunknownknight
420k? Damn Baby Tacs 20k trailer is hurting the numbers.
0
Posted on 4/22/26 at 11:54 pm to HailHailtoMichigan!
Where is your 47% coming from? I’m seeing average mortgage payments in 1980 were around $599, which would get you somewhere around 33-34% of household income before property taxes, which would not be adding 13% to that.
Also, I don’t know if it is truly making much of a point to be comparing to what is largely considered one of if not the worst buyers housing markets in US history
Also, I don’t know if it is truly making much of a point to be comparing to what is largely considered one of if not the worst buyers housing markets in US history
This post was edited on 4/23/26 at 12:28 am
Posted on 4/23/26 at 5:19 am to Crimson Wraith
It's interesting that people keep trying to argue around the fact of the numbers and refuse to take it head on.
When it comes to buying a house, minimum wage in the 70's was equivalent to $56k a year now.
Debate that.
When it comes to buying a house, minimum wage in the 70's was equivalent to $56k a year now.
Debate that.
Posted on 4/23/26 at 6:42 am to theunknownknight
Now compare the size and luxury of that 1970 hime which sold for ~$25k to the size and luxury that ~$420k buys now.
No one is satisfied with that same $25k house now.
No one is satisfied with that same $25k house now.
Posted on 4/23/26 at 6:43 am to wadewilson
quote:
Yeah, that's probably $300k and up in my zip code.
Maybe you should move to a different zip code and commute.
Posted on 4/23/26 at 6:45 am to Bacon84
quote:Already discussed in another thread.
Now compare the size and luxury of that 1970 hime which sold for ~$25k to the size and luxury that ~$420k buys now.
Cost of building a 1000 sqft home will likely run you $180-200k, 1500 sqft will likely run $250-300k.
Smaller homes are unaffordable and developers don’t build them because they make more money on larger homes.
Also, average home size in 1970 was 1500 sqft.
This post was edited on 4/23/26 at 6:46 am
Posted on 4/23/26 at 7:02 am to Scruffy
quote:
Already discussed in another thread. Cost of building a 1000 sqft home will likely run you $180-200k, 1500 sqft will likely run $250-300k. Smaller homes are unaffordable and developers don’t build them because they make more money on larger homes. Also, average home size in 1970 was 1500 sqft.
It’s not just the square footage, it’s the finishings.
The marble countertops, the up graded fixtures, more expensive bathrooms CENTRAL AIR, etc.
I just did a quick google search for “how many homes had air conditioning in 1970”?
I uncovered a stat that said according to US census data 37% of homes in theUS had air conditioning in at least 1 room in 1970. Central air would have been far less common.
Im not arguing the exact numbers.
I’m just making a point. That luxury matters.
Home ownership is more expensive today than ever before, for sure…
One piece of that puzzle is the size and luxury that is demanded by today’s market.
Posted on 4/23/26 at 7:15 am to Bacon84
quote:Chicken and egg
One piece of that puzzle is the size and luxury that is demanded by today’s market.
Only 20% are building their own homes.
The developers are designing and building these homes with marble countertops and all the furnishings, likely because they cost more and can sell for more.
quote:The ancillary additions are not by request of the buyer.
The marble countertops, the up graded fixtures, more expensive bathrooms CENTRAL AIR, etc.
Outside of central air, which I will concede, the other aspects are foisted on the buyer.
The builder will do it to increase sale price.
Same is seen in apartments. No one asked for the “luxury apartment” design, but it is the only thing being built, therefore rental costs have skyrocketed.
This post was edited on 4/23/26 at 7:23 am
Posted on 4/23/26 at 7:16 am to Mizz-SEC
I commute 40 minutes one way.
Posted on 4/23/26 at 7:18 am to Bacon84
quote:
I’m just making a point. That luxury matters.
Home ownership is more expensive today than ever before, for sure…
One piece of that puzzle is the size and luxury that is demanded by today’s market.
There are examples of non updated homes from the 70s in this thread in small towns going for +$400k
Posted on 4/23/26 at 7:22 am to Salmon
quote:Older homes were selling for more than new in 2025.
There are examples of non updated homes from the 70s in this thread in small towns going for +$400k
Not sure if that has continued.
Posted on 4/23/26 at 7:33 am to Scruffy
quote:
Chicken and egg Only 20% are building their own homes. The developers are designing and building these homes with marble countertops and all the furnishings, likely because they cost more and can sell for more. quote:The marble countertops, the up graded fixtures, more expensive bathrooms CENTRAL AIR, etc.The ancillary additions are not by request of the buyer. Outside of central air, which I will concede, the other aspects are foisted on the buyer. The builder will do it to increase sale price. Same is seen in apartments. No one asked for the “luxury apartment” design, but it is the only thing being built, therefore rental costs have skyrocketed.
Build custom….
The developers are building what sells. They aim to provide a home that hits the “average” person in a market segment, because it will move the quickest.
Yes, they want to maximize profit, of course.
But quick sales are the name of the game to free capital, and move on.
The do not want to sit on homes that have capital tied up and they likely have a loan on.
Posted on 4/23/26 at 7:47 am to theunknownknight
I think both sides are to blame. The cost of things are crazy but I also don’t see most the people complaining doing anything to help themselves.
We’ve traded in affordability for convenience. When I see stats about how 1 NYC neighborhood spent over a billion$ in only fan subscriptions and see people paying double for food on Uber Eats on a daily basis, then you can’t be hurting that bad.
We’ve traded in affordability for convenience. When I see stats about how 1 NYC neighborhood spent over a billion$ in only fan subscriptions and see people paying double for food on Uber Eats on a daily basis, then you can’t be hurting that bad.
This post was edited on 4/23/26 at 8:05 am
Posted on 4/23/26 at 7:49 am to Bacon84
quote:I went over this in the other thread.
Build custom….
Custom building a 1000 sqft home will still run you upwards of $200k depending on land value.
If we even keep the ~$160/sqft that homes are going for now, that still starts at $160k, without even factoring in land value.
And you are assuming the builders won’t demand a higher amount per sqft with smaller homes.
quote:Smaller homes will 100% sell.
The developers are building what sells.
Anyone arguing otherwise is flatout wrong.
Why aren’t they building them?
quote:Which is why they don’t build the smaller basic homes.
Yes, they want to maximize profit, of course.
The profit margin is less.
quote:Agreed, but even the massive DR Horton subdivisions are building larger homes.
But quick sales are the name of the game to free capital, and move on.
You cannot make the argument that they are building larger homes because that is what will sell if there is no way to compare to the market for smaller homes.
Show me a market where they built a good number of the 1000-1500 sqft homes, not in the ghetto, where they will not sell.
You can’t.
So, if they aren’t building smaller homes, how can we say that they won’t sell?
This post was edited on 4/23/26 at 7:53 am
Posted on 4/23/26 at 8:02 am to Scruffy
quote:
Custom building a 1000 sqft home will still run you upwards of $200k depending on land value. If we even keep the ~$160/sqft that homes are going for now, that still starts at $160k, without even factoring in land value. And you are assuming the builders won’t demand a higher amount per sqft with smaller homes.
Build it your damn self?
General contraction yourself?
quote:
Smaller homes will 100% sell.
No one claimed they wouldn’t
quote:
Which is why they don’t build the smaller basic homes. The profit margin is less.
Ok… are you claiming that a business shouldn’t maximize their profits?
quote:
Agreed, but even the massive DR Horton subdivisions are building larger homes.
Again, businesses exist to create profits.
You can build anything you want.
If you started a construction company, what would you build?
You would build whatever maximized your profits, because capital has a cost associated with it. This is business 101.
I have no idea what the point of your argument is….
Posted on 4/23/26 at 8:06 am to Bacon84
I can't start out in a fancy big house right out of college. Wah wah wah.
Posted on 4/23/26 at 8:08 am to Bacon84
quote:
Build it your damn self?
General contraction yourself?
quote:No.
Ok… are you claiming that a business shouldn’t maximize their profits?
The point of the thread is to point out the significant strains that are being placed on younger generations economically and how they cannot afford the same basic amenities that generations could in the past.
This will likely result in horrendous political and social ramifications for all of us in the long run.
Have you not read any of the thread?
quote:To counter the argument made earlier that you can just buy small or build a smaller home.
I have no idea what the point of your argument is….
The younger generations are priced out of the “mythical” 1000-1500 sqft homes everyone is crooning about.
Can you not read?
This post was edited on 4/23/26 at 8:09 am
Posted on 4/23/26 at 8:14 am to Night Vision
quote:
I can't start out in a fancy big house right out of college. Wah wah wah.
This seems to be the basis of most of the arguments I see.
Posted on 4/23/26 at 8:16 am to Scruffy
quote:
The younger generations are priced out of the “mythical” 1000-1500 sqft homes everyone is crooning about.
This is not true for the people I know.
Posted on 4/23/26 at 9:24 am to Techdave
quote:
This seems to be the basis of most of the arguments I see.
Stop being obtuse
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