• chiliedogg@lemmy.world
    15·
    10 months ago

    The small city I work for in Texas has a median home price of nearly $3,000,000. The cheapest home currently available in the city is 1.8 million.

    The median income doesn’t support those numbers. How does that work? Those same houses were 1/5 the price 10 years ago, and 1/3td the price in early 2021.

    Areas with historically cheap housing are seeing house prices double annually, but wages aren’t keeping up because people who already opened a house 3-4 years ago still have a cheap house with 2-3% interest.

    A 400ft 1br studio apartment in the town I work costs $2,300/month. That would have gotten you a hell of a house 5 years ago.

    • marron12@lemmy.world
      2·
      10 months ago

      A 400ft 1br studio apartment in the town I work costs $2,300/month.

      That’s insane. Not even 20 years ago, you could throw a stone and find an apartment for like $500-$800 in that general part of the country (TX/OK). Not a slum or a hovel, and not in the sticks. Just a normal apartment.