Average house price in your state?

[58belvedere]

$247,255. The average Missouri home value is $247,255, up 5.0% over the past year.

 

[Detective D]

We bought our first house (a small 2 bedroom ranch) in 1987 for $117,000 and my parents gave us $10K as a wedding gift, which was very generous of them at the time. That gift amount was 8.5% of the house cost. Our mortgage even at 11.25% was a little over a grand per month, which was very manageable.

That same house today is valued at about $400K and an 8.5% gift would be $34K. Even by putting down $50K, the mortgage would be about $2,500 per month.

I’d have to say that many young people’s standards today are higher than ours were and most would not be happy in the small starter home that we had. A starter home in the town we live in now is about 600-650K and I don’t know how young people can afford to buy their first home these days.

It's not that people don't want starter homes.
In WI, just about every township that has any type of employment available nearby has set up rules where houses have to be at least 2000 square feet(or more!) with lot sizes bign X size.
Why? Because if someone wants to build a house, they need to ensure the property tax is in line with the township's expectations.

My son would love to go pay cash for 2 acres somewhere and build a 2 bedroom 1200 square foot home in the country.
It's impossible. Won't meet code.
Talk about creating a "housing crisis".
He has zero interest in some town lot 4 bedroom house with giant utility bills and property tax to go with it. I am letting him live at home provided he maintains employment and saves money. Eventually he will just go buy some place in the country and remodel it most likely. It's easier to do, the small towns around here won't condemn a rotten caved in house for fear they would lose the taxes on it. So instead of building a new one, he will probably gut out an old farm house and "build it" that way. It's just as well, German/Scandinavian 1800's era farm houses have some damn solid bones.

Now if I didn;t let him live here? Yeah he would be renting and spinning his tires financially like most young people. Well, most young people that have half a spine and a moral compass yet. Selfish asshole kids have no qualms about screwing everyone to make $5 and get ahead, or sellin drugs to their neighbors or several other things that net them more money then middle aged blue collar folks have around here.

 

[58belvedere]

The median home price in Texas as of October 2023 was $342,400. I have a crappy one near fort worth for $180K

 

[YY1]

No one in my family or any family I've ever known save one or two employers or top level managers...

...has ever been able to afford a home at the "median cost/value".

No one.

Median cost in FL is currently $409,200.

So that still holds true, even though I'm doing WAY better financially than my parents and their parents.

I was just offered $189,500 "CASH" for my 1989 built 2000 sq ft block house on 1/2 acre that was purchased for $120,000 in 2002 and that zillow currently values at $330,000.

By contrast, my mother purchaed a 1200 sq ft frame home in OH on a 1/3 acre lot in 1980 for a whopping $28,000...and was damn proud to do that.

 

[Hey-O]

The cost in Missouri has been cheap and was easy to make money. Cost has been going up and that's how money is made. The problem as I see it is, the last 6 or so years have really gotten stupid. Cost took off and jobs and pay crawled or died. The ratio is biased, and the consumer is the loser. I don't see how all this can continue and I've never been one to be the first to blink or hesitate, but I'm super glad I'm done. I see less meat on the bone in this new game and if it takes a dump, backwards will instantly become the new forward.................. This is the one that gets me! I'm never going to buy a new car or truck that cost 80,000 to 100,000, can I, yes, will I, NEVER!!!!! They depreciate faster than a person can pay them off. People are taking loans for more years than the POS will last.


This is the real story, taken from different sources.

The median net worth of a 65 to 74 year old is at $164,000. The typical 70-year-old has around $105,000 in debt, including mortgages, home equity loans, credit cards and student loans, as measured by the Fed’s data.

Data source: Federal Reserve (2023). Values are in 2022 dollars.

YEAR	MEDIAN RETIREMENT ACCOUNT SAVINGS	MEAN RETIREMENT ACCOUNT SAVINGS
1989	$25,361	$87,721
1992	$29,008	$92,160
1995	$32,902	$110,889
1998	$43,760	$139,083
2001	$49,217	$175,587
2004	$55,309	$193,412
2007	$64,395	$210,804
2010	$60,095	$233,358
2013	$75,097	$256,023
2016	$74,002	$282,103
2019	$75,348	$295,743
2022	$87,000	$333,945

The mean retirement savings among Americans is significantly higher than the median savings, indicating some large outliers. High earners have more than $1 million more in retirement savings than lower earners, which pulls up the average retirement savings number.

 

[1 Wild R/T]

Can't fix stupid...

 

[Bob Lynch]

My neighborhood:

1995:
Around $170,000 - $220,000 all day for 2,000 sq / ft.
I paid $203,000 for the best lot on my street, a little more $$$, but worth it to me...I have a nice view out the back.

2024:
1.2 - 2.0 Million average all around me in this city, depending on size & location.
Property taxes would be $15,000 - $22,000 / year at those numbers !!

Don't forget your wallet in CA !!!!