5.2x gains when adjusted for inflationpic.twitter.com/tHvzuAC853
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Did median wages 5.2X from 1973 in Studio City?
And pay 1978 property taxes
The new owners will pay property taxes based on the $1.885M! Average length a person owns a home is about 9 years. A little more than that recently because people upside down in mortgage after last recession, but with the economy booming that’s not an issue now.
8% per year, return on a 61k asset for 47 years. Not inflation adjusted. Is that worse than the stock market, which is often quoted as 7% after inflation? Not saying that housing should be treated as an investment, but since it is in the US, that return isn't astronomical.
if you just treat housing as housing, 5x in 2018 dollars what it was in 1973 dollars. Probably a different income bracket moving in this time
Yeah that rate of appreciation isn't exactly news in California. :/
My grandfather paid 2300 for his house in 1939... in 2012 we sold it for 230,000.... but it took 70+ years
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