this post was submitted on 17 May 2025
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The house my grandfather bought in 1968 cost him 19500.
I bought this exact house from my mom (who bought it from him.
I paid near 500,000.
I am comparing like for like, only because there's been zero renovations done and no modern things out into the house other then going from oil to Nat gas for heat and electric to gas for hot water.
Everything is original, until now..house will be reassessed afterwards and guaranteed to go up more
Ah but that’s my point, you can’t compare like for like because the value of a house is far more than just the physical building. It’s location, location, location, and the town your house is in is a whole different place to what it was in 1968.
Again, not defending the state of the market, just pointing out that extrapolating this out to the requirements of minimum wage is more complicated that calculating 500,000/19,500