Re:Just Be Rich
by missedthecue on Tuesday April 13, 2021 @01:40AM
(#26788476)
Homes in the US today are much larger than they were in the 1970s. About 2x as large! Per square foot, the average home is actually cheaper today than it was then, inflation adjusted, and this isn't even factoring in the modern 2.2% mortgage rates vs the 13% mortgage rates of those days.
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Housing built small in the 1960's is still going for unaffordable for most rates in my area ...
At least in Canada (massive housing bubble now), if you look at median income and average house payment (not house price as payment decrease with decreasing interest rates), thy aren’t that different - it takes about the same amount of median income to own a house.
Re:Just Be Rich
by saddlerustle on Tuesday April 13, 2021 @02:15AM
(#26788664)
Not to mention illegal to build.
Re:Just Be Rich
by wing-_-nuts on Tuesday April 13, 2021 @09:50AM
(#26792092)
Square footage is more a function of what builders are willing to build than what people actually want. Try getting a 1200 sq ft 2bd/2ba built today. Builders will laugh at you. All they want to build are large mcMansions and 'luxury' apartments, because that's where the profit margins are. There are in fact, lots of people out there who are perfectly willing to live in smaller, cheaper homes, but they simply aren't built anymore. Anyone who wants this has to go buy a little house from the 50's or 60's.
Re:Just Be Rich
by neonological on Tuesday April 13, 2021 @06:53AM
(#26790529)
Looks like the housing problem comes from the fact that average incomes have not been adjusted for inflation... which means the income of the rich have been over adjusted.