Tuesday, Mar 20, 2007
A Surprising Look at 100+ Years of Home Prices
DailyWealth: A Surprising Look at 100+ Years of Home Prices
It's possible that the great boom that we've seen in home prices since 2000 – the greatest in the history of our nation – is really home prices simply making up for lost gains of the second half of the 20th century.
In 1950, the average home in America was 983 square feet. It had two bedrooms and one bath. It was short on modern amenities – nobody had a dishwasher or air conditioning.
By 1970, the average home size jumped to 1,500 square feet. It had three bedrooms and one-and-a-half baths. One in three homes had a dishwasher and air conditioning.
Posted by info123 @ 08:54 AM (167 views) Add Comment
3 Comments
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1. David20040_0 said...
"That could mean that homes were ridiculously cheap by the end of the 1990s. And that could be the real foundation for the great boom we've seen..."
2. rich said...
The article argues that an increase in building size accounts for the increased value of the housing boom. Interesting idea, but I think he ignores the other side of the equation.
Presumably these larger houses are built on the same amount of land, so we're just talking about building materials and labour costs of the larger home accounting for the increased value, but surely these should have decreased in cost with the advent of industrialised logging, mass distribution, power tools, modern materials, etc.
3. dohousescrashinthewoods said...
I thought houses in the UK were getting smaller, (even as people are supposedly balooning with obesity)