Originally Posted by Roboramma
For my specific comparisons on real estate, I was using specific houses that have been in place for 100+ years, basically in the Vancouver area. At this date, the houses are valued close to $0 and the purchase price is more about the land value. Interestingly, this even applies to brand new condos in the area. $2.5Million dollar condo is $300k of structure and $2.2 Million share of the $50Million land footprint, proportional to overall square footage.
That's why my neighbour's house was a good example. His grandfather bought it on a part time carpenter's salary. The house itself today borders on a teardown, but the land with a teardown on it is worth $3Million, which is well beyond the reach of a part time carpenter today.
Here's a house a few blocks away: [The house was a tear-down in 1983
A list of some more nearby: [A Tour Of Vancouverís $3 Million Teardowns For Sale
My mom's old house where she grew up is not for sale, so I can't post a link, but her dad bought it on a part time bartender's salary in 1939 (so, est = 30 hours per week, minimum wage + tips), and it's currently assessed at $3.1 Million. Well beyond a part time bartender's purchasing power today. Technically the house is identical, with the exception that it's 80years old.