Adjusted for inflation, a Single Family Home costs 75% more than it did in 1987

Re:Adjusted for inflation, a Single Family Home costs 75% mo... by rdlecler1 on Tuesday April 19, 2022 @12:58AM (#31079869)

We bought our first home last year at a 3% interest rate. The price is up 45% one year later. If we had to buy that same house today with todays interest rate our mortage payment would be double. This is deeply unfair to people who don’t own homes.

(Comfortably) Owning a home is a key part of the American dream. We need an Elon Musk for housing. So many of societies problems can be traced to high housing cost.

[ Parent | on HN ]

Re:Adjusted for inflation, a Single Family Home costs 75% mo... by vagrantJin on Tuesday April 19, 2022 @02:36AM (#31080223)

> Owning a home is a key part of the American dream

This is wierd. Why would owning a home be part of a dream? Owning a home is par for the course in most parts of the world.

[ Parent | on HN ]

Re:Adjusted for inflation, a Single Family Home costs 75% mo... by BirdieNZ on Tuesday April 19, 2022 @07:21AM (#31081708)

> So many of societies problems can be traced to high housing cost.

While a significant portion of housing costs are due to materials, labour, and regulations that limit how much you can build, a very large amount of house price increases in recent years is found in land price increases, not the house itself.

The Elon Musk for that particular problem is Henry George, and his book Progress and Poverty.

[ Parent | on HN ]