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What happened?
(sh.itjust.works)
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this post was submitted on 11 Jan 2024
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Homes have increased their size by 300%+ since 1950 and the cost per square foot has remained relatively constant. We simply don't build enough smaller homes - they only exist on fringe and in urban centers where there the property costs increase the overall cost.
Edit: Also our overreliance on cars has only skyrocketed. More cars per household, more miles driven. When you are required to spend 20-30% of your income on a vehicle, homeownership gets harder.
There are zero starter homes near the city where I live. None. Any homes that would have traditionally been starter homes - 1 or 2 bedrooms, small size, 1 bathroom - are all in desirable, heavily gentrified areas, and cost almost a million dollars. Coincidentally, all of those homes were built in the 50's and 60's when homes were affordable. Anything new that they build is an enormous box with no land, marketed as a mansionette, or a luxury condo (aka small box with no windows and shared walls). You have to move at least 45 minutes outside of the city to get under a half million dollars.