Submitted 2 weeks ago by return2ozma@lemmy.world to [deleted]
https://lemmy.world/pictrs/image/368d2664-adb1-4b21-b2e5-5b7ff111c79d.jpeg
It’s real…
The oldest sale I could easily find was 1988, when it sold for $338,000 or about $956,400 today. In 1960 when it was built it likely sold for $15,000 and $22,000 so about $249,077 today. Seems like the value really skyrocketed between 1960 and 1988. I’m not exactly sure where in that window
San Jose is not considered Southern California. It is Silicon Valley.
visits silicon valley
no silicon in sight
mfw
Updated
Thank you for doing this research! It’s the first thing I thought of as well.
You’re welcome. I was curious. Pretty fucked. I redid the calculation for the median income of the area and the house is still 30x the annual yearly income. From 3x to 30x in 65 years is not good.
Right. I had to get up in the morning at ten o’clock at night, half an hour before I went to bed, (pause for laughter), eat a lump of cold poison, work twenty-nine hours a day down mill, and pay mill owner for permission to come to work, and when we got home, our Dad would kill us, and dance about on our graves singing “Hallelujah.”
But you try and tell the young people today that… and they won’t believe ya’.
Nope, nope…
A Monty Python reference? In this economy????
My landlord recently told me how much they think the place I’m renting would sell for, and now idk why the owners even bother renting to me because the price is like 50 years worth of my rent.
Because he gets a steady supply of money and then in 10-20 years it will be worth 100 years of your rent on top of the 10-20 they collected already.
The bubble could pop though and you lose out. The market has softened near us and there are people that have lost 100s of thousands in equity already, and are upside down in the mortgage
Well you see, he can take a loan on the equity, you pay the loan for him and he doesn’t have to pay any where near as much in taxes. You’re just helping out a landlord in need.
It’s because your landlord never paid for it. The bank did. You’re paying the interest on his loan.
They mean if they sold it now they’d have 50 years of rent now, instead of waiting 50 years to accumulate that amount. All that money now is worth more then getting it later.
I don’t think you know how loans work.
You should all come to my town middlesbrough in the uk my 3 bedroom was just £91k in 2018.
We have like 9 jobs.. so you have to share mind..
How’s the internet? Asking for a friend
We are just getting the good stuff, 1GB speeds. If you mean Mobile Internet then its much more patcy..
Mom says it’s my turn to pretend capitalism works for anyone but the rich!
$3M for 1,300sqft (120m²)…
That’s absolutely insane. You can get a proper mansion for that here in Scandinavia…
Well, to be fair this in an insanely overpriced area of the United States. If Scandinavia was the size of pretty much the entirety of Europe you’d have price extremes as well.
For example if you look up a similar house in the Midwest of the United States (Illinois, Missouri, Wisconsin, Iowa, ect) this house would be under $200,000.
This area of San Jose is in commuting distance to Silicon Valley offices, where you can get very large pay packages upwards of $400,000/year (average for L5 at Google in the Bay Area).
Artificial housing scarcity (the zoning restrictions in San Jose are very strict) combined with the massive incomes in the area has led to the situation we see today.
Not much different in Germany either. What once was needed to buy a decent house is now merely enough for a tiny apartment.
I just recently sold one of my houses for 900k. Which I bought for 300k 25yrs ago. And it even was due for major renovations. Well, could have. Actually sold to them for 500. Didn’t wanna be an idiot but also didn’t want to rip them off. I did nothing of value to justify that gain. And they were very happy. Still unfair…
The market is broken.
“one of my houses”
Have you considered that you are the problem?
Why? Unless you’ve got hundreds of millions or more, you’re just another poor sobbing bastard for the elite. Just a bit less poor than the others. Insignificant in everything.
Also, I paid double market-average for employees, with come-and-go-as-you-please and profit-sharing. Everyone.
I rent the houses/apts dirt-cheap. At the legally allowed minimum but with hidden added boni or paybacks or whatever else I come up with. Free power, free water etc. I don’t want to profit of someone else’s inability to own. I want to be able to look in the mirror without disgust.
And also I work for free in a shelter-thingie for abused or broken people, I help where I can.
If everyone would do that, we’d all be better off, wouldn’t we be?
What do you do to better society with the given means? Considering I’m the problem and you’re not? Egocentrism, narcissism, missing empathy and machiavellism (so basically the dark triad) are the root sources that rot the world (while being highly rewarded), not money.
I have a friend with five. He’s a traveling physician and has five practices each at least a hundred miles away from each other. I don’t entirely see him as part of the housing problem because he has a use for these houses that isn’t vacation.
Folk are mostly friends on here, so can you ease off the attack please?
not everyone that has more than 1 house is a rich person. most of the time its people who had a generational house that wanted to move to another, while trying to pay off taxes or new houses by renting. its the airbnb, and corporate landlords that are the problem. Also rich nimby neighborhoods, a few years ago they blocked a low income housing in millbrae.
I just recently sold one of my houses for 900k. Which I bought for 300k 25yrs ago. And it even was due for major renovations. Well, could have. Actually sold to them for 500. Didn’t wanna be an idiot but also didn’t want to rip them off. I did nothing of value to justify that gain. And they were very happy. Still unfair…
300,000 euros in 2001 is, inflation-adjusted, 512,000 euros in 2026. If you sold at 500k euros, you sold for slightly less than you bought it for in real terms.
It was still the same sum though. I got money, they got a house way cheaper than they planned for. Everyone’s happy. I see no problem?
Who knows all of these boomers scolding anyone? I’ve never heard one say that. Do I only know or am I only related to nice boomers?
You have nice boomers. Mine understand the inherent changes in the market since they were our age, but they still blame us for not doing what they did.
There’s a middle ground somewhere between the extremes… I was lucky that I got out of school at a still good time. But it still took sacrifice to get what you wanted.
Like sometimes I was cutting mold off the bread to make a sandwich for work, and only home cooked food, and no budget for entertainmentn expenses. It got us a two bedroom house for the, baby, plus car and motorcycle. That was on one salary, but I realize that ain’t happening today.
But also I have seen family members of the young generation order a smoothy on skip, purchase $300 concert tickets, while racking up debt…while complaining of cost of living.
They aren’t getting a 2 bedroom house on one salary with 5% down, but they certainly could be saving for one by making some spending adjustments.
Some loud Boomers aren’t all Boomers. There are so many I know who still need to work as they can to cover rent.
Not all boomers! 🤣🤣🤣
probably not most of them.
Who paid $3m… wouldn’t that be a huge part of the problem too?
It’s San Jose. That is chump change there.
likely to rent it our, airbnb it. one of our cousins rented thier house like 10+years ago for 3500/month. most people wont touch sec 8 applicants.
You ever see the prices for a condo in the bay area? Its just as much as a house in some instances
My friend’s monthly condo HOA fees in Mountain View are more than I used to pay on rent.
I mean it’s mountain view. Could be worse, could be redwood city. Either way they get to eat at los gallos, one of the best taco huts in the bay
is your friends rich, how much was the hoa fees?
Asking 2 got 3. Did a corporation buy that?
The implication is that multiple buyers put in offers on the house, and without knowing what the other offers were, someone placed a 3 million offer to make sure they were the winning one.
Housing crash when?
It’ll never crash again. Private equity will buy every home and rent them back to us. Forever.
Then make sure private equity goes out of business
At this point, not without a bloody upheaval.
Not that I’m encouraging that. It sounds horrible. But still.
THERE were two “Reigns of Terror,” if we would but remember it and consider it; the one wrought murder in hot passion, the other in heartless cold blood; the one lasted mere months, the other had lasted a thousand years; the one inflicted death upon ten thousand persons, the other upon a hundred millions; but our shudders are all for the “horrors” of the minor Terror, the momentary Terror, so to speak; whereas, what is the horror of swift death by the axe, compared with lifelong death from hunger, cold, insult, cruelty, and heart-break? What is swift death by lightning compared with death by slow fire at the stake? A city cemetery could contain the coffins filled by that brief Terror which we have all been so diligently taught to shiver at and mourn over; but all France could hardly contain the coffins filled by that older and real Terror—that unspeakably bitter and awful Terror which none of us has been taught to see in its vastness or pity as it deserves.
You still can! You just gotta really lower your standards for what a “house” is
Yup. I’m down with a toy hauler rv (If I decay much more I’ll need a ramp) and my favorite apartment was 500 square feet. I found a decent plot of undeveloped land near where I want to retire. An rv could get us started, and we can use our camping gear for an extra “indoors” room.
Can you legally live in an RV there? i have some vacant rural land, but the county laws dont allow camping or RVs. They also ban structures until you build a dwelling of at least a certain size.
Not even allowed to be poor on your own land
Home Depot special.
Hey! This is in California, which means it’s in the communist demoncrats turf. You need to move to Goshen Hole , Iowa, that’s where you can get a house for a more affordable price, and not be able to continue working in your career.
They’ll pay you to move to South Dakota, but you know, you have to live there
I love the badlands so like if I didn’t love where I live I’d consider it
Right next to cupertino. It’s a $120k house on a $2.9million dollar lot
I wouldn’t want to live in Alberta anyway
Same
Kill capitalists… I mean…ism…
So…
“Kill capitalistsIsm”
“Just learn to kiss some ass. That man has the power to fire you! When he says come in on Saturday, show up on Sunday also too!”
– My Silent Gen parents, every goddamn day
Something something avocado toast
Most boomers don’t really know how money works. They only had their lifestyle because of American manufacturing and taxing the world though usd printing. We gave those jobs to China, and now the money printing can’t tax the world as much because every country has been dumping Treasury bonds.
Even if we get the jobs back, the debt and inability to world tax wouldn’t bring back the same level spending power. We would have to pay the debt back which would cause a 20 yr recession.
At this point, it would be easier to learn Chinese and move to the next world power.
they move to places to florida, and i heard renting/housing is pretty bad too, plus the hurricane+insurance.
Where did a boomer say that?
They all say that.
So I guess no one said it too you.
Those asshole grandparents, they all hate you.
>Asking 2M
Ok
>Sold 3M
Ok
>Over asking 1M
What? Isn’t that overpaying 1M instead? Am I just stupid and don’t get it?
istdaslol@feddit.org 2 weeks ago
And they use the 3mil to buy a nice small house and outbid a working class family that currently live in a 2 room apartment
SkyezOpen@lemmy.world 2 weeks ago
As a rental, obviously. No way they’d actually live there like poors.
pigup@lemmy.world 2 weeks ago
Nah they get tricked by fox news ads into some business investing scheme that ends up triggering triple tax on themselves. They blame the immigrants about it.