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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsThe typical US home could cost $1 million by 2050, according to an economist
I know it, and you know it buying a home has never felt this unaffordable.
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At an economic forum during the National Association of Real Estate Editors conference in June, National Association of Realtors chief economist Lawrence Yun told a room full of journalists that he expects the median single-family home sale price to reach $1 million by 2050.
For comparison, the median sale price of an existing home was $429,300 in June, according to NAR data. Yun told Business Insider that while his 2050 forecast is speculative, it is based on steady annual home-price growth of 3% to 4%.
"It's worth looking back: for example, back in 1990, the median national home price was barely above $100,000," Yun said. "At that time, people would not have envisioned that today's home prices could be $400,000."
https://finance.yahoo.com/economy/articles/typical-us-home-could-cost-201236254.html
I paid $69,000 for my house in 1988. It's now per the county assessed at $500,000.
Down the street from me there's a housing development where the prices for new homes run from $875,000 to $1,080,000.
They're nice homes but I don't think they should cost that much.
MustLoveBeagles
(17,970 posts)The original asking price was $66,000 but we got a discount due some major repairs that needed to be done. If only we'd known, we could gotten it even cheaper. We've done many replacements, repairs and remodeled the two bedrooms. We've been wanting to do the kitchen for years. More needs to be done, but it's listed at a value of $105,000! That seems steep in my opinion. We wouldn't have been able to do it at today's prices.
31j20b3
(4 posts)it cost him $2700 in 1946. A 4 bedroom, one bath Cape Cod with a true dining room not part of the living room
My first house cost 16000 in 1979 ( 5 years out of Vietnam, but not a qualified home for the V.A.-- it didn't have real closet doors.)
It had 2 bedrooms, no separate dining room, 1 bath without a shower...
My current house, which I have built with my own two hands over 18 years is a 3 bedroom variation on the Martin house plan by Frank Lloyd Wright (mine has not a brick facade) Excluding my labor, it's cost me about $300,000. The county says it's worth 561K. and the realtors keep bugging me to sell it for $650k. Blood, sweat, and tears can't be valued and I'll die before I sell it.
There have been huge jumps in housing costs across the decades of my life. You can see it a an American nightmare, and I'd not argue against that. But for long-term family wealth housing, and land value ( I now have the house on 73 acres of which 55 is under the plow and paying more than the property tax) securing a home has been the best investment I've ever made.
When I got divorced at age 43 I felt I'd never be able to get back into property of my own. I worked my way thru that, first securing an old small farm and later with a couple thousand hours of my own labor (mostly in the summer when I wasn't teaching.)
If you really want it, you'll likely find a way. It make take multiple steps and some migration. My 11th great grandfather built my family's first house in America in the 1630's. It stood as the oldest house in New York State until the early 1900s. Do it yourself houses have been a feature of my family legacy. It seems to have always been a slog up a steep economic curve