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Jim(dainisjg) posted an update Thursday, Jul 4, 2024, 11:15am EDT, 1 year, 3 months ago
I decided to look up that first house I owned in Queens Village, NY. Back then in 1974 I sold it for $40,000 and 20 years later it was again resold for $62,000. Not bad, a 50% increase. Now, another 20 years later, and it has a sale value of $660,000 - $770,000. A 10 times increase. Good grief. It is just a small 3 bedroom, 1-1/2 bath house. Monthly mortgage payments and taxes (if after a $120,000 down payment) would be over $4,000 a month. Who can afford that? Who can save $120,000 for a down payment? That middle class starter home is out of the middle class group as far as I can tell. (Although I read that up to $150,000 per year is still considered middle class earnings.)
That Queens Village house and neighborhood was just about identical to the start of the Archie Bunker TV show "All in the Family" and the flowing street scene of the houses all close together. A very nice neighborhood but not a millionaire's locale.