Quote:
Originally Posted by Meloman
Here's a question for everyone:
Have most other states seen the same massive state wide home appreciation jumps that California has seen over the last 40 years?
My mom bought her home back in 1977 for $54K and it's now worth close to 1 million. She has never made a lot of money and still barely gets by. Sounds like in any other state she'd be screwed having to constantly sell and downgrade with every appreciation. Starting off with a home and ending up in a studio at the end.
Basically in any other state you better hope your home doesn't appreciate 20 fold or you're screwed.
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While it hasn't been that crazy where I live there has been a huge jump. The house I grew up in my mom bought in 1979 for 32K. It was a killer house to grow up in. Big back yard, right on a creek that you could swim and fish in and the house had 4 bedrooms, 2 baths and was a decent size. She sold it in 1990 when I got out of high school for about 45K. It was actually on the market about 2 years ago and the new owners wanted 210K for it.