I'm curious to know where some of you guys grew up where housing prices were in that fairly low range...
In 1974, my parents bought their first starter house in the Miracle Mile District of Los Angeles, for around $35,000, a 3-bedroom 2-bath Spanish-style bungalow that was built in the 1920s. Lots of character... as a small child, I remember some of the built-ins, and the arched doorways. According to Zillow, that same house is worth $1.4 million now. When I told my parents that, they were dumbfounded. "For that old piece of crap???" my father said.
In 1978, we moved to the 'burbs (Cerritos), and my parents bought a then-new 2-story 4 bedroom house for $108,000 (the house I grew up in, and the one my parents continue to live in, which they paid off many years ago now). Before the 2008 crash, it was valued at over $700,000. Immediately after the crash, it went down to about $580,000. It's about $650,000 now.
I'm wondering if the over-inflated prices of housing in California is due to Prop. 13.
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"I guess the only time people think about injustice is when it happens to them."
~ Charles Bukowski
Last edited by sopas ej; Jul 19, 2018 at 8:57 PM.
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