SoCal (hour up the 101 from LA). $20K in 1968, current Zillow value is $900K. Still affordable for top 1%. Definitely not worth $900K, however.
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Very regional: 1st: $315k 2nd: $325k 3rd (1st I bought): $297k ($86k '94) 4th: $394k ($179k '01) 5th: $449k ($297k '18)
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It is astounding how quick things can change with development. My in-laws bought a ranch in the 90s in what was the boonies for 500k, sold it for housing in 08 (just in time for the crash, yay) and now a single house of the 500 goes for 550k. Boonies no more…
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House I grew up in is 4x what parents bought it for in 1991. I suspect this is right around average. You would need to make a little under 40% more, both measured in 2022 dollars, than they made when they bought it. It's a sizable jump
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My childhood house in Rochester (NH), a raised ranch built in 1974, sold for 200k as is, after my mom passed in 2019. A young plumber, 20 yo, bought it with cash as his first home. He was ecstatic.
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Midwest suburb: 1250 sq. ft., $266k Medium-sized Midwest town: 1700 sq. ft., $306k Bay Area suburb: 2300 sq. ft., $1.7 million Definitely regional. Amusingly, a relative who went into a skilled trade after high school bought in the first neighborhood in his 20s.
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Interesting to think about. We could easily buy the house I grew up in. We could not afford the one Russell did.
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And yet we grew up with fathers with roughly analogous upper middle class incomes and our parents paid roughly the same for their houses.
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OP might live in SoCal; when we moved out here less than a decade ago the very modest rental house we first landed in had just been bought by the landlady for like $475K, which shocked us current Zillow estimate for that property: $830K
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micro-regions matter a TON I have two data points: when the crash of 2008 hit, my town in MA was listed in Forbes or something as the #1 town for price APPRECIATION. R.E. was up ~ 20% in town that year. ...but 50 miles away what is now my farm FELL in value by 50%
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