Home price inflation is so high, it's changing American economic life - Marketplace
www.marketplace.org
From 1984 to 2023, the median cost of a new home rose 423%, more than double the rate of overall price inflation.

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%.

  • grue@lemmy.worldEnglish
    4·
    5 months ago

    It used to be a lot more possible up until about a decade ago, even in Sunbelt cities like Atlanta.

    • OpenStars@discuss.onlineEnglish
      5·
      5 months ago

      Oh absolutely yes. I mean, prior to Roe v. Wade being overturned, it was even relatively safe for women there too, I would guess.

      Back when I was on Reddit I used to read a lot of posts on nursing subs, and I recall a story where some guy brought in federal funding to start an entire institute somewhere east of Springfield, Missouri iirc. Think of all those jobs… However, he cancelled it and left the state b/c of all the literal death threats he received during the early days of the pandemic. AN ENTIRE INSTITUTE!!! And iirc he wasn’t even so much concerned with himself as his family like his daughter. 2020 was not a “safe” place for a medical researcher to be in Missouri. That state is actually somewhat known for this too - e.g. that is where Hawley was the only senator to vote against a child sex slave trafficking bill (surely there could not be any uh… nefarious uh… “reasons” for such, wink? 🤮).

      A mere house with four walls and a roof over your head is not a home. People outright desire to pay for solid rather than unreliable infrastructure - electricity, policing, services like trash collection, a bridge if you need it, etc. - these things cost money, at which point the corporations tacking on enormous overheads to price people out of owning a “good” home is an actual travesty of justice, that will literally get people killed, as they instead have to compromise on something, like access to medical care and safety.

      Edit: I don’t know about Atlanta in particular, but any actual “city” will be liberal (I would guess?) - e.g. not have full-on card-carrying KKK members as their police, and that one with the CDC I would guess would have good healthcare? Even if someone had to drive a bit to get to it.