Price of Housing

Prices of homes have risen much in recent decades. I know, of course home prices would have risen over the last 50 years, but still, it is shocking to learn just how much.

For example, my daughter showed me how to find current pricing on homes we once lived in. Current property taxes are also available by this method. So, let me just share these findings:

1.       The Altadena, California home I was born into, is now worth just under $1.6 million dollars. Many years after moving from that home, the owners added a second story so now that house is double the square footage of the original. Still, $1.6 million? I’m certain we sold it for less than $15,000 in 1953, probably more like $12,000. That property value also demonstrates how pricey California has become in recent years. Astronomical home prices.

2.       Glendora, CA was our next home. We built it in 1952 and moved into in 1953. It was probably worth about $14,000 back then. Today it is valued at $957,000. No expansions. Nearly a million dollars. Imagine!

3.       Pittsfield, Massachusetts: the house was bought for $20,000 in 1954. Today, that same, unimproved home, is worth $347,000. Pittsfield is in a recession so home prices are not going anywhere.

4.       The house in Syracuse, NY was small and cheap. The folks downsized as my brother was married with children, my sister was a junior in college, and I was just graduating from high school getting ready to go to college. That small place is now valued at $182,000. Cheap in today’s standard, but a lot less than Massachusetts and a world of difference from California.

5.       My home in Wheaton is worth nearly $800,000. Its property tax is $18,000! Back in 1994 we paid $4400 in taxes and sold the house for $237,000.

6.       The townhome in Warrenville, IL is worth $295,000. I paid $132,000 in 1994. No tax information was available. Monthly HOA fees are $305 and do not have anything to do with property taxes.

I now rent an apartment in a condo building. All in all, less costly than owning a home.  And the utilities here can’t be beat. That and living on one floor, elevator to and from the unit, an indoor garage and ample storage makes this a great place to be at my age. Just saying.

But just look at property values compared with what you would have thought a few years ago. Shocking.

November 1, 2023

 

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