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New Yabut this anecdote is still startling to me.
2614 Frankel Street, Lakewood, CA was the first house my dad bought in 1965. He had the GI bill and iirc something like a 1.5% mortgage. Purchase price of the home was 13,500.00. His first year's teacher's salary was "around $9,000" he told me (that wasn't the starting salary for teachers, but he had five years teaching and coaching experience and a Master's degree when he arrived). So, that house cost around 1.5 times his annual salary. That house last sold in 2006 for 495,000.00 (Zillow's estimated "value" today is 461,000.00). Today a teacher in that district with 5 years experience makes 65,625. So, that house today costs 7 times his annual salary, not 1.5.
New California's weird.
A place my dad bought in Marietta GA for $50k in ~ 1972 is worth $182k now according to Zillow. He probably made $20-25k/yr in 1972. Maybe equivalent to a salary of $100-$120k now. Salaries and housing values kept very roughly similar ratios there (for EEs anyway) - maybe housing there is even cheaper than it was.

Lots of people want to live in California, and they're not making more desirable land. ;-)

Cheers,
Scott.
New s/weird/insane.
I don't care where it sits, a 1200 sq. ft. house on a 5400 sq. ft. lot should not ever cost 495,000.00
New Location, location, location.
http://www.arabianbusiness.com/price-of-cheapest-burj-khalifa-studios-soars--1-400-per-sqft-533850.html

The price of the cheapest apartments in Dubai's Burj Khalifa has soared to nearly AED5,000 ($1,400) per sqft, according to new research by Arabian Business.


It costs what people will pay.

Cheers,
Scott.
New That's the thing, they don't pay.
Back in the bad old days when we had unicorn and rainbow loving Democrats, people in that neighborhood of California purchased homes they would eventually own. That's no longer the case. Nobody but banks ever own any of the homes out there in working class neighborhoods. The occupants of those homes rent them from the banksters and hope the values go up a little so that when they have to retire from their working class, wage slave jobs, they might be able to afford old folks home rent somewhere other than where they built their lives for a few years.

The New Democratic Party in its support for the Investor Class at the expense of the Working Class has eliminated the idea of a working class member ever being secure in his or her home in old age in California (other places, too, I imagine, but I've only firsthand experience with California). Too much money can be made by Wall Street via perpetual mortgages on vastly over-inflated home prices.

That's *ALL* Wall Street does. It extracts value of other peoples belongings and redirects that wealth into their own hands. The working class has been completely consumed by these monsters and their enabling Neoliberal Democrats. First they came for the pensions. Then they came for the value of our homes. Then they came for the values of our educations. They always had a hand in the pocket we tried to pay for our healthcare with, but now we're legally required to pay a profit to them.

There's not one thing a working class family can acquire today that doesn't involve a massive transfer of their declining wealth to Wall Street. And that is exactly the way the New Democratic Party wants it.
     How Much A Home Cost the Year You Were Born - (lincoln) - (10)
         1959 vs 2015. - (mmoffitt) - (6)
             Well, we do have McMansions nowadays. - (a6l6e6x) - (5)
                 Yabut this anecdote is still startling to me. - (mmoffitt) - (4)
                     California's weird. - (Another Scott) - (3)
                         s/weird/insane. - (mmoffitt) - (2)
                             Location, location, location. - (Another Scott) - (1)
                                 That's the thing, they don't pay. - (mmoffitt)
         Wow. 1940. - (mmoffitt)
         What a crappy way to present data -NT - (drook) - (1)
             Yes! But, they have pictures. :) -NT - (a6l6e6x)

Sentinels and abdominal tracking shrimp.
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