House sizes have also ballooned. The average home size in 1949 was ~900 sq ft, whereas a new home now is ~2500 sq ft. It was still cheaper, but those homes prices are for a lot less house than people are imagining.
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.
House sizes have also ballooned. The average home size in 1949 was ~900 sq ft, whereas a new home now is ~2500 sq ft. It was still cheaper, but those homes prices are for a lot less house than people are imagining.
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.