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Disagree. It costs much more to build a house or apartment than it did 50 years ago. This is primarily because of changes in city requirement to make the houses
by jraby3 9y ago
Disagree. It costs much more to build a house or apartment than it did 50 years ago. This is primarily because of changes in city requirement to make the houses safer.
I recently had a house burn down in a neighborhood with numerous $150k houses. Cost to rebuild a similar structure was over $200k. I got three bids and every contractor told me the cost was much higher than nearby existing properties because legally, the house would need to be built with different materials and different building requirements.
- polskibus 9y agoOr maybe because local wages have also risen due to local housing price increase. The workers also need to pay their mortgages.
- deleted 9y ago[deleted]
- dv_dt 9y ago> I recently had a house burn down in a neighborhood with numerous $150k houses. Cost to rebuild a similar structure was over $200k My home insurance company made this very clear when I started a policy with them - they discussed the price of the house (e.g. in tax roll estimates of "land improvement") vs their estimated replacement cost. Even with new requirements though, no one talks about the productivity improvements in construction - from faster to put up materials, to the abundance of various tools .. is it really regulations or a form of cost disease...