2 ms·
Home prices in the '80s were ~$60,000; equivalent homes now are about 10x that [0]. With inflation bouncing around 2-6% on average [1], and only modest wage inc
by mholt 3y ago
Home prices in the '80s were ~$60,000; equivalent homes now are about 10x that [0]. With inflation bouncing around 2-6% on average [1], and only modest wage increases over decades [2], that makes the median home today way less affordable even with these relatively low interest rates.
[0]: https://fred.stlouisfed.org/series/MSPUS https://fred.stlouisfed.org/series/MSPUS
[1]: https://tradingeconomics.com/united-states/inflation-cpi https://tradingeconomics.com/united-states/inflation-cpi
[2]: https://fred.stlouisfed.org/series/CES0500000003 https://fred.stlouisfed.org/series/CES0500000003
- travisgriggs 3y agoAll 4 of my children, in various stages of degreedness, have told me they have no hope of ever owning a home of their own like they were able to grow up in.
- nojvek 3y agoI wonder if there is a metric tracking # of homes owned by <30 year olds compared to # of homes owned by <60 year olds. Even at current interest rates, the prices are quite nuts.
- hnuser847 3y agoHomeownership by age demographic has been surprisingly stable over the past 20 years. https://www.census.gov/housing/hvs/data/charts/fig07.pdf https://www.census.gov/housing/hvs/data/charts/fig07.pdf