this post was submitted on 26 Jan 2024
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My relatively small house (~1200 sq ft) was built in 1950 and is currently appraised at $550k, so it's not just house size. Granted, I live in a highly-desirable west coast city and the lot is worth more than the house itself, but the point remains.
I agree, it’s definitely not just house size. But still, I’m not sure that your one data point anecdote is very meaningful. Desirable areas were more expensive in the 1950s too.
True, however, the concentration of wealth has meant that desirable areas are far more out of reach for the middle class than they were in the 1950s when unionization was at an all-time high and the difference between a highly-educated professional vs a skilled tradesman was more a matter of what kind of car they drove and how big their house was rather than what we see now which is working people being priced out of entire markets.
I got lucky because my wife and I bought our house when the neighborhood we're in was still seen as the ghetto. We bought it because it was the only thing we could afford and it was relatively close to my wife's parents, but since then the neighborhood has rapidly gentrified and our property value has gone way up.
This wouldn't be an issue in a country wherein wealth is not so egregiously concentrated at the top.