Not a meme or anything, so I'm not quite sure where else to post this. It's been floating around since early this year, and I thought it was interesting to see and speculate about why certain states are so high/low right now.
If I could find the source of the data, I would've posted it to /c/dataisbeautiful, but without it I'd rather share it somewhere more casual.
Good grief... My house cost 89k when I got it 15 years ago it's crazy that prices have gone up this much in such a short time!
Often times to you see stuff about how out of touch someone is because they were able to get there house for X but these increases mean increased taxes and if its not freestanding you have to worry about the association dues. I would love to live in city center but even during housing crashes its barely affordable and the moment it recovers I would lose my shelter. My neighbors will talk about valuation going up as a good thing and im like. Hey im not selling im living here so I would just as soon have it stagnate or just go up relative to infaltion.
I don't know how it is everywhere...but in my area, the amount your property taxes increase each year is capped by a certain amount if the place you own is your primary residence. So no, people that bought their homes 10 years ago are not experiencing the same dramatic increase in housing prices as newer homebuyers. Sure, things like HOA dues increases are uncapped, but property tax increases are limited. But again, this is just my area. I am not aware of the regulations everywhere.
I think there is something like that if your old enough near me and yeah even then the tax increase is not as steep as the rent I think but all the same I don't get why folks would want their place to go up in value a lot if they are living there assuming the tax will go up with price.
We paid 70k for our house 5 years ago. It's now valued around 140k. It's crazy to think that's it's doubled in this short of a time because we live in a rural area.
Don't forget to throw inflation in there too, which is equivalent to $130k now. Everything over that shows how much houses have outpaced inflation.
And now that you know that you can respect how nearly impossible it is for people who are just starting out to get a new home.
You (and me too) were able to take advantage of the 2008 housing market crash. We need another one to give people a chance.