Oct 10 , 2018

How Much Did It Cost to Buy a House the Decade You Were Born


It’s a given that real estate values fluctuate constantly. Can you believe a new home in Brooklyn, New York, cost just $2,500 in 1853? It’s almost unfathomable to think of the homes we could have bought back in the day with today’s dollars!

Here are 10 important things to consider when buying a house.

Today, you’re looking at around a median price of $199,200 to buy a home in the U.S., according to Zillow. In coastal cities like San Francisco and New York, $200,000 might get you a garage, with a average house priced at more than $1 million.

Don’t forget about all the other costs associated with buying a house. Here are some things to know about fees you might have to pay.

Let’s take a step back in time and see what a house cost the decade you were born.

According to data from the U.S. Census Bureau, the median home value in 1940 was a mere $2,938. In 1950, it crept up to $7,354. In 1960, it had risen to $11,900, then $17,000 in 1970. By 1980, the cost of buying a home had skyrocketed to $47,200, and things only got worse from there.

Take a look at these 10 house hunting and home buying mistakes you can easily avoid.

In 1990, the median home value was $79,100, and finally, in 2000, it had risen to $119,600. But what about when you factor in inflation—because this is all relative right?

Those median home values, when adjusted for year 2000 dollars, show just how much things have changed:

  • 1940: $30,600
  • 1950: $44,600
  • 1960: $58,600
  • 1970: $65,600
  • 1980: $93,400
  • 1990: $101,100
  • 2000: $119,600

Here are some of the things people regret overlooking after buying a home.

It’s no secret that prices rise over time, but the cold, hard reality we’re facing right now is that housing affordability is declining as home prices outpace inflation and income growth. Despite inflation and wage growth remaining stagnant, home prices continue to climb.

Check out these 20 things you should do when moving into your new home.

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