My salary didn’t change at all, but homes went up 82%. The money I saved for a down payment and my salary no longer are good enough for this home and many others. This ain’t even a “good” home either. It was a 200k meh average ok home before. Now it’s simply unaffordable
If the house hasn’t changed, then the value is basically the same.
The price change is more about how rapidly the USD is devaluing.
Between 2020 and 2024 there was about 22% inflation. 1.22x$195,400=$238,388. So there’s still over $110,000 of price inflation to account for past devaluation of the dollar.
Thank you for eviscerating him-, oops, I mean providing that additional insight
I’m not disagreeing with you, but I just wanted to note that inflation numbers (more specifically, the CPI) is an average across multiple industries - supermarkets, rent/mortgage, furniture, cars, flights, health care, and several more. It’s possible for inflation to affect some industries much more than others and I wouldn’t expect everything to all go up at the same rate.
That’s true and worth noting. The difference is much starker when the benchmark is food and fuel, since real estate (and stocks) rose much higher compared to other things.