What you see today is the new normal. COVID was an excuse to raise prices and leave them there. Once corporations saw people will pay the insane prices for their goods, they opted to not return them to pre-COVID levels.
The best thing we can collectively do to lower prices is bargain shop and cut back until corporations understand that higher prices are hurting sales and profits.
rural communities are not safe from this either. the rural home I grew up in is worth 6x more than my parents paid for it. many rural migrant worker populations are having to rent rooms out to make ends meet.
Yup. My partner and I having been house hunting around tower and my lord. They want so much for a house with structural damage. They want $270k for a 600sqft with a brick foundation that no longer has mortar! I think I give up for now
The short answer, No. The long answer… No.
It’s going to get worse. Not today or tomorrow, but when the HSR finally gets finished and connected to SF, SAC and LA, housing will increase.
Depends on how old you are. If your in your 20s or 30s you'll probably be able to take HSR to the Bay or LA near or at "retirement". If you're 40+ probably not.
Bakersfield to Merced is on *track* to open in the next 6-8 years. There's a reasonable chance it can extend to SF by late 2030s, the biggest issue is punching a tunnel to Gilroy.
Don’t get me wrong, I have a feeling there is an adjustment coming, but some of the Bay Area people been selling their homes for 2m and buying here for 600k.
That is more like it. Change started again America, and fingers crossed on a continuation. Money pumped into rural development. Price will roll back to 1992.
I remember in 1999, a friend's parents sold their house for 400k and EVERYONE at school was talking about it because it was such an astronomical price.
Now..... well.
I’m curious to know how Fresno compares to other cities perhaps up north or Midwest in terms of housing increases. Like, did housing here increase at the same rate as other cities?
Primarily due to covid. All the high roller bay area tech bros can now work from home. So they're buying up houses in the Fresno area for "cheap" and working from home. Merced is having a huge home construction boom because of it. Sadly, it's all owned by a few companies driving prices through the roof.
Crazy but honestly can't blame them for wanting to escape the HCOL but hate that it's driving up prices here where fresno salaries could never match what they make up there
Maybe the engineering industry will recognize the potential of Central Valley at some point. But I don’t mind that our particular industry is considered “boring” by some. I enjoy the fact that Fresno, and to some extent the rest of the Central Valley at large, has the AG industry as its identity.
To piggy back off this, it’s not only people from outside who can afford to buy cheaper her but it’s also real estate companies, agents, brokers even Zillow buying all the houses and selling them.
Grandpa told me in his day it was a single income family and worked out this way. 1 check to a house payment, 1 check to bills/food, 1 check for saving and the church, 1 check for fun. Though they had many ups and downs with the Great Depression, sickness, ect…. They could eventually get back on that same pattern with some hard work. Today that isn’t possible it seems without some sort of Inheritance or people being gifted a home. I really pray things can be liveable soon.
It kills me that any children I choose to have in the future will not enjoy nearly as comfortable an upbringing as I did in Fresno in the early 1990s (in Fresno/California, anyway)
Where? I don't know if it's a sign of the times, but it seems the vast majority of people I grew up around either left Fresno, if not the state, altogether long ago
It's just difficult since pretty much all my family is around the area, and we've been here since at least 1948 (there are some distant relatives in states like Michigan, Texas, Georgia, but we've never talked)
We have no idea yet. We are trying to research some states to move to and thinking about Midwest area. But like you, most of our family is here so this is why we really don't want to leave but one day we might not have a choice.
It's more of the ratio I'm talking about. Back then, one income could afford a nice home, a stay at home parent, etc. Now, today, not even two incomes could afford a home, and both parents have to work, and some even take on a second job just to battle inflation. I was a kid in the 90s, so I don't know much, but today it just seems impossible to have a nice life even if you do everything right
The real answer is that our currency has devalued by 96%+ since the US dollar was completely decoupled from the gold standard in 1971 (which really started in 1933). Prior to that is what was "normal." Since then has been a slow theft of value from the US dollar and what amounts to the largest wealth transfer in history.
It's not CaPiTaLiSm, it's not cOrPoRaTe GrEeD. It's theft, and it's perpetrated by government.
This is why your grandparents could own a house, two cars, and take a *real* vacation every year or two on a single median income, but you can't hardly afford a shitty 10 year old car, a run down studio in the hood, and to eat on a single high income.
People can try to cast it in whatever light they want but what I just laid out is the reality of the situation.
The truth is that we ***can't*** go back to normal without some sort of major reckoning. *This* is the new normal, has been for the last 50+ years, it just wasn't obvious that the slow downward slide wasn't going to stop, and the speed of decline was going to increase as new generations of the people taking advantage of it panicked and doubled down.
And buckle up because it's gonna get ***WAY*** worse before it gets better.
"was normal" is literally not anywhere in the post title. and regardless, you can't expect prices to have been the same as that long ago. in 1992, they weren't comparing the prices to 1962.
“Normal” is whatever the prevailing costs of goods are at that given time. Adjust every cost then for what it would be worth now. The only thing stagnant are wages.
Ratios are more important to than absolute numbers. New house to income is about 4:1 in “92. This number is now 5.5:1 with today’s income. Private equity bought all the “starter homes”. From 2020 to last year 3 houses in my street are owned by corporations/LLC now and rent out.
Yeah, once all of us millennials are firmly in the 40 zone and still live with our parents because we can't afford to buy out AirBNB "entrepeneurs", shitty landlords, and housing conglomerates or are all living on the street. It'll change then and not a moment before because Americans love to pretend they're just temporarily embarrassed millionaires and that Jeff Bezos-tier money is gonna hit their account any day now.
Nothing will give until people collectively rise up, probably when we start to starve. Until then people will just shell out for things. Most people are bad with their money. My FIL would spend outrageous amounts pre Covid throwing weekend BBQs for the fam,now he still does and there is just dramatically less food
One would hope so. Interest rates are insane. Prices for homes are insane people leaving higher mortgages are coming here for lower mortgages which is driving things up because of demand
Milk and coffee haven't changed a whole lot. Milk went up about $1, coffee only went up about $2.
Happened to be in a Walmart when I saw this.
Milk $3.60.
Folgers ground coffee 40 Oz for $15, comes about to about $6 per pound.
Those 2 specific items, and only those, barely came up giving it's a 32 year difference in time.
Yeah. I'm just sick of today's economy. It's like there is no escape or hope for the future. Every time you think you have a handle on it, one medical situation or missed paycheck, could you destroy everything you worked for. It's sad times, and it's mostly caused by greed. Wait to AI take over most jobs, whatever shall we do
No wonder my parents could afford a house on a single average income in the early 90's.
Imagine dual income households? That’s quality of life right there… DINKS? Wow. High earners? Damn.
Dual Income NO KIDS!!!!!!!!!!!!!!!!!
You need to pay attention to how you can support all efforts for change. Visit rural development to find out about their programs.
What you see today is the new normal. COVID was an excuse to raise prices and leave them there. Once corporations saw people will pay the insane prices for their goods, they opted to not return them to pre-COVID levels.
People had no choice but to pay* But yeah
Truth
The best thing we can collectively do to lower prices is bargain shop and cut back until corporations understand that higher prices are hurting sales and profits.
https://fred.stlouisfed.org/series/CP for the graph
Totally agree
The government is asking questions , so watch out for price roll back.
It’s never going back…
It will, there are a lot of rural communities in Fresno. Show interest in rural development issues and efforts. Youvwill be surprised.
rural communities are not safe from this either. the rural home I grew up in is worth 6x more than my parents paid for it. many rural migrant worker populations are having to rent rooms out to make ends meet.
I believe you, that's the economy issues (income issues)famies are facing. Keep the conversation going, you are getting attention.
Yeah, my wife and I bought a house in Fresno in the mid 90s for 95k. Sold it 10 years later for 165k. Nowadays it's probably north of 300k.
Decent houses are starting at 400k now. A small dumpy fixer-upper is 300k these days.
Yup. My partner and I having been house hunting around tower and my lord. They want so much for a house with structural damage. They want $270k for a 600sqft with a brick foundation that no longer has mortar! I think I give up for now
The short answer, No. The long answer… No. It’s going to get worse. Not today or tomorrow, but when the HSR finally gets finished and connected to SF, SAC and LA, housing will increase.
HSR? Not in our lifetimes
Depends on how old you are. If your in your 20s or 30s you'll probably be able to take HSR to the Bay or LA near or at "retirement". If you're 40+ probably not.
Bakersfield to Merced is on *track* to open in the next 6-8 years. There's a reasonable chance it can extend to SF by late 2030s, the biggest issue is punching a tunnel to Gilroy.
HSR completed? 😂🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣😂 😂 😂 😂 😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣
I don’t look forward to this at all.
What's HSR
High speed rail
Time to pack up and move then 😭😭😭
Don’t get me wrong, I have a feeling there is an adjustment coming, but some of the Bay Area people been selling their homes for 2m and buying here for 600k.
Yup 600k homes that were probably 300k homes not even a decade ago
Not even 4 years ago
Man 💔
That is more like it. Change started again America, and fingers crossed on a continuation. Money pumped into rural development. Price will roll back to 1992.
You mean the 100,00 to 200,00 homes in the 80s
Ugh. It's so depressing to see. 😒 I don't think we'll ever get back there.
I remember in 1999, a friend's parents sold their house for 400k and EVERYONE at school was talking about it because it was such an astronomical price. Now..... well.
Yup. Crazy how wages only raised an inch while housing tripled in pricing
Zillow that same home today and see what it’s worth
Oh I have gone down this rabbit hole before. 1.27 *million*. Jonathan, your parents sold too soon!!
I’m curious to know how Fresno compares to other cities perhaps up north or Midwest in terms of housing increases. Like, did housing here increase at the same rate as other cities?
Well, I read an article stating that Fresno had one of the fastest price increase for housing in the nation
Primarily due to covid. All the high roller bay area tech bros can now work from home. So they're buying up houses in the Fresno area for "cheap" and working from home. Merced is having a huge home construction boom because of it. Sadly, it's all owned by a few companies driving prices through the roof.
Crazy but honestly can't blame them for wanting to escape the HCOL but hate that it's driving up prices here where fresno salaries could never match what they make up there
Yeah, sadly what is the industries in Fresno differ greatly from what tech bros and other areas with a much higher cost of living.
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A lot of Fresno’s industry is farming, so not necessarily.
There is a lot of engineering here driven by the AG industry. It's just fucking boring compared to aerospace.
Maybe the engineering industry will recognize the potential of Central Valley at some point. But I don’t mind that our particular industry is considered “boring” by some. I enjoy the fact that Fresno, and to some extent the rest of the Central Valley at large, has the AG industry as its identity.
To piggy back off this, it’s not only people from outside who can afford to buy cheaper her but it’s also real estate companies, agents, brokers even Zillow buying all the houses and selling them.
It was a combo of covid and the major fires like the one up in shaver.
Grandpa told me in his day it was a single income family and worked out this way. 1 check to a house payment, 1 check to bills/food, 1 check for saving and the church, 1 check for fun. Though they had many ups and downs with the Great Depression, sickness, ect…. They could eventually get back on that same pattern with some hard work. Today that isn’t possible it seems without some sort of Inheritance or people being gifted a home. I really pray things can be liveable soon.
Half a paycheck to a church when you're barely scraping by? That's absurd. Why would anyone do that?
To each their own.
So true 🙏🏾
It kills me that any children I choose to have in the future will not enjoy nearly as comfortable an upbringing as I did in Fresno in the early 1990s (in Fresno/California, anyway)
Unfortunately you're definitely right. We are thinking about moving when our kids hit middle school
Where? I don't know if it's a sign of the times, but it seems the vast majority of people I grew up around either left Fresno, if not the state, altogether long ago It's just difficult since pretty much all my family is around the area, and we've been here since at least 1948 (there are some distant relatives in states like Michigan, Texas, Georgia, but we've never talked)
We have no idea yet. We are trying to research some states to move to and thinking about Midwest area. But like you, most of our family is here so this is why we really don't want to leave but one day we might not have a choice.
Why would you define prices from over 20 years ago as "normal"
It's more of the ratio I'm talking about. Back then, one income could afford a nice home, a stay at home parent, etc. Now, today, not even two incomes could afford a home, and both parents have to work, and some even take on a second job just to battle inflation. I was a kid in the 90s, so I don't know much, but today it just seems impossible to have a nice life even if you do everything right
The real answer is that our currency has devalued by 96%+ since the US dollar was completely decoupled from the gold standard in 1971 (which really started in 1933). Prior to that is what was "normal." Since then has been a slow theft of value from the US dollar and what amounts to the largest wealth transfer in history. It's not CaPiTaLiSm, it's not cOrPoRaTe GrEeD. It's theft, and it's perpetrated by government. This is why your grandparents could own a house, two cars, and take a *real* vacation every year or two on a single median income, but you can't hardly afford a shitty 10 year old car, a run down studio in the hood, and to eat on a single high income. People can try to cast it in whatever light they want but what I just laid out is the reality of the situation. The truth is that we ***can't*** go back to normal without some sort of major reckoning. *This* is the new normal, has been for the last 50+ years, it just wasn't obvious that the slow downward slide wasn't going to stop, and the speed of decline was going to increase as new generations of the people taking advantage of it panicked and doubled down. And buckle up because it's gonna get ***WAY*** worse before it gets better.
https://www.vox.com/policy-and-politics/2019/1/23/18183091/two-income-trap-elizabeth-warren-book
Yeah, no. Of all the sources you had to choose Vox?
Because read WAS NORMAL for a long time. And we miss it.
"was normal" is literally not anywhere in the post title. and regardless, you can't expect prices to have been the same as that long ago. in 1992, they weren't comparing the prices to 1962.
Okay. But it would still be nice to have prices from even 5, 10 or 15 years ago.
“Normal” is whatever the prevailing costs of goods are at that given time. Adjust every cost then for what it would be worth now. The only thing stagnant are wages.
https://fred.stlouisfed.org/series/ATNHPIUS23420Q is basically the price of an 'average' newish house back to 1970
Ratios are more important to than absolute numbers. New house to income is about 4:1 in “92. This number is now 5.5:1 with today’s income. Private equity bought all the “starter homes”. From 2020 to last year 3 houses in my street are owned by corporations/LLC now and rent out.
Yeah, once all of us millennials are firmly in the 40 zone and still live with our parents because we can't afford to buy out AirBNB "entrepeneurs", shitty landlords, and housing conglomerates or are all living on the street. It'll change then and not a moment before because Americans love to pretend they're just temporarily embarrassed millionaires and that Jeff Bezos-tier money is gonna hit their account any day now.
It’s not just Fresno my man blame capitalism.
Something has to give soon hopefully
Nothing will give until people collectively rise up, probably when we start to starve. Until then people will just shell out for things. Most people are bad with their money. My FIL would spend outrageous amounts pre Covid throwing weekend BBQs for the fam,now he still does and there is just dramatically less food
One would hope so. Interest rates are insane. Prices for homes are insane people leaving higher mortgages are coming here for lower mortgages which is driving things up because of demand
Yup 😖
Milk and coffee haven't changed a whole lot. Milk went up about $1, coffee only went up about $2. Happened to be in a Walmart when I saw this. Milk $3.60. Folgers ground coffee 40 Oz for $15, comes about to about $6 per pound. Those 2 specific items, and only those, barely came up giving it's a 32 year difference in time.
what is that booklet?
Someone posted it on Meta
i figured it out, it's a booklet called Remember When" by seek publishing. it doesn't seem to be specific to any one locale, but i guess general U.S.
Yeah. I'm just sick of today's economy. It's like there is no escape or hope for the future. Every time you think you have a handle on it, one medical situation or missed paycheck, could you destroy everything you worked for. It's sad times, and it's mostly caused by greed. Wait to AI take over most jobs, whatever shall we do
This is normal
Perhaps, but only after 5 -10 years of trench warfare in eastern Europe.
You mean the 50’s?
Compare it to 1960 and get back to me.
Corps want more ROI and it comes from somewhere
We did it joe!
Politicians sold us out our money is for other countries
Damn. I’m paying 4x the amount of the 1992 Harvard tuition for a university here in Fresno 🤧
The buying power of the dollar is at it's weakest that it has ever been and it's still not over, until it's over.
No, our entire state is screwed
Cute
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No, the government has nothing to do with this. It's corporate greed and capitalism.