Why is home ownership so much more expensive today?

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Mar 31, 2023
8:41:13pm

eysikal All-American

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eysikal

Bio page: eysikal
Joined: Dec 17, 2006
Last login: May 16, 2024
Total posts: 4,827 (11 FO)

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Messages

Author

Time

Just came across some inflation facts from my HS graduation in 1973

Nat Gas Man

3/31/23 8:34pm

1973 avg income/house price = 40%. Same ratio today = $210k house prices… 😂😭😂

Atmospheric_Cougar

3/31/23 8:37pm

Millenials should just shut up and stop buy ling avocado toast if they want to buy a house

Mike Honcho

3/31/23 8:38pm

I mean 5 bucks a pop for toast.

JohnnyC

3/31/23 8:46pm

RE: I mean 5 bucks a pop for toast.

Atmospheric_Cougar

3/31/23 9:00pm

Dual incomes man

Tare

3/31/23 8:47pm

The $210k is based on dual income. Median total household income.

Atmospheric_Cougar

3/31/23 8:57pm

Define household.

Shore10

3/31/23 9:06pm

Simple google does the trick.

Atmospheric_Cougar

3/31/23 9:46pm

So could be 10 people? All working?

Shore10

3/31/23 9:48pm

A distinction without a difference. Either metric shows how bad it has become.

Atmospheric_Cougar

4/1/23 3:30pm

Why is home ownership so much more expensive today?

eysikal

3/31/23 8:41pm

Inflation via government programs. Same reason for sky rocketing education costs

Atmospheric_Cougar

3/31/23 8:43pm

Well a new house in 73 came with cheap carpet, Formica, vinyl flooring, pressed

Nat Gas Man

3/31/23 8:44pm

No granite, no walk in closets. No attached garages no central air or

Cougarclaw

3/31/23 8:46pm

So you think home affordability being lowest on record is due to granite & HVAC?

Atmospheric_Cougar

3/31/23 8:59pm

You must not have an Edge home build.

Mjolnir

3/31/23 9:34pm

bigger and fancier houses, more govt regulations adding costs to the initial construction or renovations

byujag

3/31/23 8:45pm

You do realize most people can’t even afford a 2-3 bedroom townhome right?

Atmospheric_Cougar

3/31/23 9:02pm

right, that's what I said. a modern 3bd townhouse is bigger and fancier and more $$ regulations than homes 50ys ago

byujag

3/31/23 9:31pm

Fancier yes. So are TVs today vs the 70s. TVs are way more affordable today.

Atmospheric_Cougar

3/31/23 9:48pm

Comparing price trends of electronics to those of the housing market?

CougarScrub

3/31/23 9:56pm

The comparison isn’t TV vs homes. It’s 1970 TVs vs 2020 TVs. “Fancy” isn’t it.

Atmospheric_Cougar

4/1/23 3:34pm

There are a lot of areas where even those smaller old homes are pretty expensive

Spindash

3/31/23 11:43pm

You’re right, and it’s a fact the market is at all time low for affordability.

Atmospheric_Cougar

4/1/23 3:35pm

Speaking of 1973 it should be noted that that was the year when these...

So it goes...

3/31/23 8:42pm

A few more

Nat Gas Man

3/31/23 8:52pm

Heck of a year. I was able to see Zeppelin in 73 in SLC for their...

So it goes...

3/31/23 8:57pm

Most of those have increased by 10x to 12x except for one

Tare

3/31/23 8:43pm

Also, not coincidentally, wages up by far less.

ReiUrso

3/31/23 9:09pm

RE: Also, not coincidentally, wages up by far less.

Atmospheric_Cougar

3/31/23 9:50pm

Wrong. QOL marginally different between wealthy and “poor” in the US today.

jvquarterback

4/1/23 1:14am

QOL and income disparity are different. The income gap is larger than ever.

Atmospheric_Cougar

4/1/23 3:38pm

What was the size of the average house

taylorcoug

3/31/23 8:44pm

Growth in home prices dwarfs the growth of home size.

Atmospheric_Cougar

3/31/23 9:03pm

You're not factoring in all variables, inflation etc.

cougfrvr

4/1/23 5:24am

Uhhh yeah I am… Inflation is the major driver in home prices. That’s the point.

Atmospheric_Cougar

4/1/23 3:39pm

Also of note; top income tax rate was 70%

Tare

3/31/23 8:52pm

That’s evil

pegushin

3/31/23 8:54pm

That is startling, right? You could buy a car for one quarter annual gross.

Mitty

4/1/23 7:44am

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