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%.

    • @grueEnglish
      3•6 months ago

      Emphasis.

    • @[email protected]English
      2•6 months ago

      It took me a while to realize what you meant:-). Expanding upon grue’s comment that described it perfectly, we do that here often to represent saying something “under your breath”, or alternatively saying the REAL thing, either inside or outside the strikethrough depending on context. In this case it depicts like someone in a stream-of-speaking manner might state “…days - do not feel, no wait, strike that, ARE not…”, to emphasize how someone might feel at first that it is a mere feeling, but wait no, it’s actually so much more than that, it is an absolute fact. :-)