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Home price inflation is so high, it's changing American economic life (www.marketplace.org)

submitted 5 months ago* (last edited 5 months ago) by [email protected] to c/[email protected]

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We’ve been dealing with high inflation in this economy over the last several years, with everything from groceries to new vehicles to construction supplies soaring in price.

But for one item in particular — houses — we’ve seen such sharp inflation over decades that it’s starting to change the landscape of American economic life. What happens in society, and in history, when costs for basic necessities, like shelter and food, shoot up in price?

Let’s start by going back four decades, to 1984. The movie “Ghostbusters” was a blockbuster that year. And the median price of a new home wasn’t so scary: $79,900 in the fourth quarter of 1984, according to data from the Department of Housing and Urban Development.

Since then, consumer prices overall have risen 203%, according to the Bureau of Labor Statistics information and analysis section. Meanwhile, the median price of a new home was $417,700 in the fourth quarter of 2023. That works out to an inflation rate of 423%.

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[–] [email protected] 9 points 5 months ago (1 children)

W00t! I make $22 and just bought a house for 100,000!

Things are finally looking up for ol Gil

[–] [email protected] 7 points 5 months ago (1 children)

That seems not at all unreasonable compared to other salaries/prices today. You must live in a very affordable area.

[–] [email protected] 8 points 5 months ago* (last edited 5 months ago)

Fucking seriously... I make $30/hr and can't even dream about buying in my area... Anywhere in my area... Hours and hours away, still not even close. The closest area to me that I could consider is roughly 6 hours away...