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The poster is right. Things are more expensive because the purchasing power? of the dollar over the years has diminished. Then, if you factor in adding on those options that are must have, high ceilings, everything that makes a McMansion ( a large modern house that is considered ostentatious and lacking in architectural integrity), well there you go.
Well, like I said, if the OP wants to buy a 1500 square foot 1970s style house with tiny closets and bathrooms, a single car garage, low ceilings, etc then in our area they can get one for about the same price (adjusted for inflation) as they could have in 1970.
There is nothing inherently wrong with paying for details we prefer - more square footage, larger bathrooms and closets, high ceilings, whatever. I don't WANT to live in a 70's style house and I'm willing to pay more not to. That doesn't mean I'm buying a McMansion (I'm not).
Structural obsolescence happens - in every era. If it didn't, we'd all be living in mud huts with no indoor plumbing. You can probably buy something like that REALLY cheaply!
Right - the only way to get a really clear picture is to compare the price (with an inflation calculator) with homes of the same square footage and similar construction - laminate counter tops, low ceilings, and all the other "joys" of a 1970s built home - tiny bathrooms, usually no master bath, itty bitty closets, a one car garage, and often poor cabinetry work and construction (I agree with Rakin - the 1970s were TERRIBLE when it came to home construction - one of the very worst eras in fact).
I can only speak for my own area, but adjusted for inflation, $17,000 in 1970 equates to about $103,000 today. In this area, you can still buy a 1600 square foot house with tiny closets and bathrooms and laminate countertops and low ceilings and a one car garage for, well, about $103,000.
OH the horrors of laminate countertops (most houses still have these), and no master bath...lol. See how expectations have changed.
I think much of the eighties construction was even worse than seventies. They really tried to cut corners at that point, and were building tons of cookie cutter condos and box type homes using the cheapest of the cheap materials. There wasn't even a pretense of quality construction, it was a huge money grab and lots of dirty dealing to get these cardboard boxes up cheap and quick.
If you really want to compare housing prices, you'll want to consider time value of money. Since most homes are bought with mortgages and maintained via the monthly payment, you'd really need to consider the monthly cost rather than the purchase price. Mortgage rates are significantly lower now, which decreases the required payment.
OH the horrors of laminate countertops (most houses still have these), and no master bath...lol. See how expectations have changed.
I think much of the eighties construction was even worse than seventies. They really tried to cut corners at that point, and were building tons of cookie cutter condos and box type homes using the cheapest of the cheap materials. There wasn't even a pretense of quality construction, it was a huge money grab and lots of dirty dealing to get these cardboard boxes up cheap and quick.
Well, of course expectations have changed - that's nothing new. We're not living in caves or huts with no indoor plumbing anymore.
There's nothing morally wrong with laminate countertops. However, they are not as durable as some other countertops and that's why I want a different type. It has nothing to do with what's "trendy" - it has to do with what I can afford and the level of durability I want. If I want a cheaper house or laminate counter tops of course I can find that out there. I just don't want it, and that's OK.
I think that every era has it's good and bad points and of course each era will become dated as new ideas and innovations and styles come and go.
Well, of course expectations have changed - that's nothing new. We're not living in caves or huts with no indoor plumbing anymore.
There's nothing morally wrong with laminate countertops. However, they are not as durable as some other countertops and that's why I want a different type. It has nothing to do with what's "trendy" - it has to do with what I can afford and the level of durability I want. If I want a cheaper house or laminate counter tops of course I can find that out there. I just don't want it, and that's OK.
I think that every era has it's good and bad points and of course each era will become dated as new ideas and innovations and styles come and go.
A lot of people are downsizing though, there is a lot of demand for smaller homes. Many want older styles, fifties and sixties or earlier bungalows. What's old is new...the materials of that era were superior. To each his own but laminate isn't a deal breaker like shoddy construction is. I bought an eighties house, and it had the cheapest of everything. I am updating with newer laminate or something like it, it is not the same at all as the eighties lam. I can afford granite, I just don't like it. So when something as normal as laminate, or smaller home are called out, and so many are interested in small homes and cheaper living right how, I don't know.
Maybe I don't understand what type of seventies home we are talking about. I think of the Brady house which is kind of cool. If the values on those smaller older properties are currently low, it seems like a bargain to get in now but I dont' see it so much.
The Frank Lloyd Wright inspired seventies houses in my area are $$$$$$$$$$, as is anything old in a decent location, but 50s - 70s houses in general are doing well whether they have been updated or not.
A lot of people are downsizing though, there is a lot of demand for smaller homes. Many want older styles, fifties and sixties or earlier bungalows. What's old is new...the materials of that era were superior. To each his own but laminate isn't a deal breaker like shoddy construction is. I bought an eighties house, and it had the cheapest of everything. I am updating with newer laminate or something like it, it is not the same at all as the eighties lam. I can afford granite, I just don't like it. So when something as normal as laminate, or smaller home are called out, and so many are interested in small homes and cheaper living right how, I don't know.
Maybe I don't understand what type of seventies home we are talking about. I think of the Brady house which is kind of cool. If the values on those smaller older properties are currently low, it seems like a bargain to get in now but I dont' see it so much.
The Frank Lloyd Wright inspired seventies houses in my area are $$$$$$$$$$, as is anything old in a decent location, but 50s - 70s houses in general are doing well whether they have been updated or not.
Using the brady house as an example, the custom and higher end homes from the 1970's tend to be pretty nice. It was the mass produced tract homes that were of worse quality than what was built earlier.
On the other hand, homes built before 1970 are mostly at the end of their useful life if they weren't maintained and updated. Junk tends to get torn down, so the older you go back the less of the junk from that era remains. 70's junk is starting to reach the tear down point if it's in an area where infill development is happening. One of the late 70's neighborhoods out where I grew up has been significantly torn down and replaced at this point.
Using the brady house as an example, the custom and higher end homes from the 1970's tend to be pretty nice. It was the mass produced tract homes that were of worse quality than what was built earlier.
On the other hand, homes built before 1970 are mostly at the end of their useful life if they weren't maintained and updated. Junk tends to get torn down, so the older you go back the less of the junk from that era remains. 70's junk is starting to reach the tear down point if it's in an area where infill development is happening. One of the late 70's neighborhoods out where I grew up has been significantly torn down and replaced at this point.
I guess it is location dependent. In New England there are a lot of very nice old homes. I can't think of seventies tract homes and would not know what one looks like. The houses I've seen torn down have been early 1900s and water or pest damaged, destroyed by negligent owners, etc. Someone should tear down the eighties building boom mess that happened here though, it's ugly.
I'm not saying prices haven't increased - just putting some perspective on things. Sure, you paid less in 1970 - but you made a lot less too most likely. Would you really be happy reverting back to your 1970 pay scale and living in a 1970s built 1600 square foot house, driving a car with no AC, roll down windows, no airbags or navigation system or XM radio or power anything, getting about 10 miles to the gallon? I don't know about you, but NOT ME.
I would take a brand new muscle car made by GM from 1970. I wouldn't want any luxury at all as performance is the point. My 21 year old Chevy pickup has AC and that's it. No radio, electric window, locks or anything else to break. It has a manual trans so I am more than aware of how I am driving, unlike most drivers who 'mash the gas' to go and ride the brake pedal through intersections. No cell phone occupies my time/attention either.
I wish cops were as harsh on those drivers as they are on speeders. Which is actually more dangerous?
The cost of agency fees has grown exponentially here... drives the cost up across the board.
There are still areas of the country where prices are more in touch with tradition ratios.
The SF Bay Area where I live is not one of those...
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