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Old 8th October 2019, 01:24 PM   #134
blutoski
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Originally Posted by Roboramma View Post
Do you have some figures for that? I think that's a pretty good metric actually, though it is important to make sure we're comparing like-for-like (hours worked to pay for healthcare when you're 60 should be more than when you're 20, for instance, and given technological progress there are some things that you might have simply been left with no choice with that now have an option of an expensive treatment. Building codes have changes and so while you may need to pay more for you house today, you're also getting a different house than you used to, etc.)
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.
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