How much has housing become more expensive in the USA over the past 50 years - ForumDaily
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How much has housing become more expensive in the US over the past 50 years?

If homes now seem more expensive than before, that's because they are—even when adjusted for inflation. CNBC explains how much home prices have skyrocketed in the United States over the past 50 years.

planning money savings of coins to buy a home, concept for property ladder, mortgage and real estate investment. for saving or investment for a house, growing business

Photo: iStock.com/Tinnakorn Jorruang

American home buyers are now spending more than twice as much on a home as they were in 1965, according to the U.S. Census. Then its average price was $20. Read about where you can buy a house with a salary of less than $200 thousand a year. material.

In 2024 dollars, this amount is approximately $202. Today, the house costs a whopping $215. We wrote about 420 islands in the United States where you can buy real estate for up to $800 in our ARTICLES.

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How the average cost of a home in the United States changed from 1965 to 2024

  • 1965: $20.
  • 1975: $38.
  • 1985: $82.
  • 1995: $130.
  • 2005: $232.
  • 2015: $289.
  • 2024: $420.

These are the same values ​​adjusted for inflation in 2024 dollars:

  • 1965: $202.
  • 1975: $228.
  • 1985: $245.
  • 1995: $270.
  • 2005: $380.
  • 2015: $386.
  • 2024: $420.

Real estate crisis

In 1965, the average annual household income was $6900. With homes selling for an average price of $20, a family would have to pay three times their income for the home.

In 2024, the median annual household income is $78. That means the typical home buyer will spend 171 times their income on a home at today's median price.

Home price increases have been particularly sharp since the start of the COVID-19 pandemic, jumping 2020% since March 30.

Consequently, even providing a down payment on a home can be a challenge for potential buyers with limited savings. This is especially true for those who are younger or saddled with student loan debt.

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The average age of first-time home buyers has risen to 35 in recent years, up from 2010 in 30.

Increasingly, only the wealthiest Americans can afford to own a home. To afford a median-priced home with a 20% down payment in 2024, a buyer would need to have an income of at least $100, according to a recent Bankrate analysis.

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