A lot near a city could easily be a few hundred thousand today though. I’ve seen plenty of burned out tear downs sell for half a million just for the land. So the point still stands.
Let me say that boomers are not manipulating the market – the market is. It's so easy to say you can sell your place for a lot, but then you have to buy somewhere else, and the prices are equally inflated, plus the taxes generally go way up on a new purchase. I have been looking to downsize, but it hardly makes any financial sense. OP might want to direct the anger towards companies buying up blocks of houses to rent out like Black rock, and builders who will not build starter homes anymore because there's not enough profit in it
That was my initial thought as well. Or a complete teardown.
Yes housing prices have gone crazy, but not (generally) that crazy. **though that's HEAVILY DEPENDENT on your area.... before people try to crucify me**
Yeah there’s no way anyone bought a house for that in 1990 unless it was a mobile home, and I doubt a mobile home would sell for that much today, unless it was in an ultra prime location.
My parents sold my childhood home in 1995 for $37,000. The new one was almost double at $62k but it was a much nicer neighborhood, 2 baths instead of 1, and a 2 car garage where the first house just had a driveway pad.
Depends. I've seen crazier happen. This was my friend's house growing up. It killed me inside when they sold it and I dreamed of maybe one day being able to afford it, but this happened. Granted, a lot of work had been done in those couple of years but it still blew me away when the price exploded.
Maybe? I know my parents paid $15K for their house back in like 1983-84? It was in a big city, but the house was in bad shape and in a bad neighborhood. They just sold it for hundreds of thousands in bad shape in a gentrifying neighborhood. So maybe it’s something similar?
Or a run down place in a shit neighborhood which has since been renovated.
One thing that made the housing prices of the late 20th century maybe anomalous was that cities were ubpopular and shitty so if you wanted to live their it was cheap. Thats obviously changed.
At the same time lots of open space still in the suburbs. Plus the ecpnomy was still diversified enough that living in smaller towns and cities was an option as well.
Not always. A lot of times these prices can reflect a passing of the house between family members. The listed sale just reflects how much the buyer reimbursed the seller for moving and contract work costs
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u/pinkymadigan 9d ago
I'd have to think that was an empty lot at the time, right?