Average sales price of houses up over 500% since 1983

An article on generational wealth transfers in the United States highlighted this significant rise in the average selling price of homes from 1983 to today:

From reading the chart, the rise in average prices is over 500% from roughly $90,000 in late 1983 to over $500,000 in early 2023. This, presumably, can be seen in communities across the country.

This is quite the rise. In this time, leaders promoted the ideology of homeownership. Americans came to see housing as more of a financial investment. It was the time of McMansions. Sprawl continued and zoning protected single-family homes.

Now there is a lot of money tied up in homes and real estate plus homes have become an even more important marker of wealth. As the article asked, will the transfer of wealth in these homes simply reproduce existing disparities in housing? Or, might there be ways that the increased value of housing help promote access and opportunities for others?

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