The best project, in my opinion, was a math-oriented one. The girl had overheard her father and uncle talking. They are both in the real estate business, and had made the comment that the median home price in American has doubled every 10 years since 1950.
This got her thinking. So she figured out the median family income from 1950 to present, and the median house price from 1950 to present. Then she calculated, in graph format, using current trends, to make a prediction on what the median average house price would be in 2040.
1.6 million dollars.
Maybe you California folks aren't too shocked, but I was floored.
The worst part is that if wages keep going how they are, the average median income family won't be able to afford to buy a home in 2040.
Sobering thoughts on a Thursday afternoon.
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Just curious: Did she do the other side of the figures? Is the median family income of today a similar percentage of a house price as it was in 1950?
She did. I was still in so much shock at the 1.6 million dollars (gasp!) that I couldn't remember the salary figure. She had all the percentages worked out for income vs. housing cost. It was impressive!
Oh my goodness! That is astounding. I think we'd all better hold on to what we've got ~ and be thankful for it!!!
Eek. Our "starter" home that we bought nine years ago, and are still in, is starting to look pretty good right about now.
Yikes! That's a great project, though.
Absolutely terrifying.
Eek. The average median family can barely buy a house now....
We'll just have to die young and happy and give our kids our houses.
Problem solved, and you can eat what you like if you're going to die young...
Ouch. It's really too bad that our kids and grandkids will probably not be able to afford a home. Soooo not looking forward to those days.
Oh and I haven't forgotten about the HCG thing. I've actually gotten some info from my SIL's friend. I'll be in touch.
that's interesting as home prices in CA have fallen almost 38 percent. I never thought it could be that bad.
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