this post was submitted on 20 Aug 2023
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I paid twice as much as my neighbor with the same house, who bought his 18 years before I did, and he paid twice as much as the neighbors acress the street that bought theirs 20 years before he did. Heck, my mom bought a 3 bedroom house with a 3 car garage on 3.5 acres for $18,000 in 1974. She had to have the house replaced about 10 years ago after it was destroyed and it was $140,000 just for the house. Her neighbors that had the same amount of land have sold theirs to developers who built apartments and multiple homes on what used to be a single home plot. The land is worth over 10 times what she paid for it with the house on it.
So, if you bought the same house the same as mine, it would probably be twice what I paid for it. You would still have the benefit of not having your rent hiked every year or two.
House prices will always go up, baring some unforseen disaster, war, or political turmoil. That's the way it's always been.