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Bought my first house in 1985 for $16,000. It was a 1BR, 1BA, LR, Kit house with a large screened porch on a small lot exactly 2 blocks each between the beach and the bay of a small beach town. It was a real doll house with gorgeous wood floors and a big Siegler heater in the living room. According to Zillow the current value is only $58,400, but that's largely due to the fact that the current owner has let it get terribly rundown. It's a shame, because that house was very well built. I think it still has the same roof as when I bought it.
This calculator definitely doesn't work for real estate in California in recent years.
We bought our first (and only) house in 1997 for $160k.
Inflation calculator says it would be $295k today.
Actual going price for this same model in our neighborhood as of this month: $987k.
I went back a bit farther. My parents bought my childhood home in a different part of SoCal in 1965 for about $40k. They sold it in 1998 for $335k. The calculator says it should have been only $195k.
Inflation calculator only takes into account of inflation, not the law of supply and demand. Average increase in price beyond inflation is about 4% nationally. Certainly local markets can be higher or lower.
Bought house in 2012 for $115,000 at auction. It is only a 875sf rancher (has full basement). Needed mostly cosmetic work when we bought it. Biggest expense was a new roof. Zillow's estimate is currently $320,000.
That calculator is way wrong. I put in the numbers and it shows 100K less than I sold it for 12 years ago.
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Our first home cost us $29,750 back in the 80s. Today that same house, is estimated to be worth over $350K. So ridiculous. It's the same small, modest house. It's located in a very popular resort town.
What does inflation have to do with a selling price?
I guess I do not understand what the point of your post was?
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I guess I do not understand what the point of your post was?
Point.... home prices have gone up. Are the prices out of line with yester year markets? I did the math on my first house in 1980... results say my first house is appropriately priced in todays market.
Bought our first house in 1997 for 266.5. Just sold it for 1.8m.
Nice! But your capital gains tax will be a bear.
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