Home price inflation is so high, it's changing American economic life - Marketplace
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From 1984 to 2023, the median cost of a new home rose 423%, more than double the rate of overall price inflation.

We’ve been dealing with high inflation in this economy over the last several years, with everything from groceries to new vehicles to construction supplies soaring in price.

But for one item in particular — houses — we’ve seen such sharp inflation over decades that it’s starting to change the landscape of American economic life. What happens in society, and in history, when costs for basic necessities, like shelter and food, shoot up in price?

Let’s start by going back four decades, to 1984. The movie “Ghostbusters” was a blockbuster that year. And the median price of a new home wasn’t so scary: $79,900 in the fourth quarter of 1984, according to data from the Department of Housing and Urban Development.

Since then, consumer prices overall have risen 203%, according to the Bureau of Labor Statistics information and analysis section. Meanwhile, the median price of a new home was $417,700 in the fourth quarter of 2023. That works out to an inflation rate of 423%.

  • can@sh.itjust.works
    122·
    6 months ago

    read: blacks, who are poorer than whites on average because of previous institutional racism)

    Not to mention current institutional racism.

    And while we’re at it I think “black people” is better than saying “blacks” (though that doesn’t sound as bad as “the blacks”).

    • Aceticon@lemmy.world
      3·
      6 months ago

      I’m pretty sure poor people are discriminated against for being poor.

      In fact, it’s probably the biggest discrimination around in terms of pain caused.

      A lot of the pain inflicted against afro-americans comes via the mechanisms that discriminate against poor people, which together with the actual historical racism (along with some current racism) makes sure they’re kept down from generation to generation.