Comment on Wages never caught up with costs
arin@lemmy.world 4 weeks ago
I’d actually kill to get a home for 400k. Unfortunately it’s like 2 million
Comment on Wages never caught up with costs
arin@lemmy.world 4 weeks ago
I’d actually kill to get a home for 400k. Unfortunately it’s like 2 million
abrake@lemmy.world 4 weeks ago
Yeah the house example doesn’t fit well with the numbers listed in the post. 113k -> 400k would mean that the price has roughly doubled twice over 36 years or undergone a 3-4% compounding increase in price per year. That’s still a lot, especially since housing is usually a person’s largest expensive. But the rate of increase isn’t as much as that of college education, where people end up with loans today that rival mortgages of 30 years ago.
Einskjaldi@lemmy.world 4 weeks ago
Housing price is largely post2020 thing, it was slowed by 2008 and took slow growth after that until it spiked. The biggest thing was remote work filled in the cracks and people bought the absolute dirt cheap houses so the min floor raised a lot nationally.