The typical US home could cost $1 million by 2050, according to an economist [View all]

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.