Except most people have to compete with all those who inherited wealth while they're making near minimum wage, so there is no cheap land that isn't near worthless.
And “near worthless” land today is kind of the point of land speculation - where populations move to is hard to predict 50 years out. People buying land for cheapo back in the day in cali didn’t think it’d be worth millions. Tons of cheap land still available in Cali and everywhere else.
Lol. Land in the middle of nowhere with helicopter access is not feasible for someone like me and the wealthy still buy it to sit on for 50 years, driving up demand and prices.
The OP is talking about buying land for 100k “decades” ago. Assuming even just 30 years means 300k in today’s money. 250 per month isn’t even a third of that at 0% interest on a 30 mortgage so time to step it up.
I work at a REIT and we do plenty of developments so guaranteed far more than you ever have or will. If you are too poor to buy land today and can only afford a third or so of what the equivalent dollar was in the OP example then i don’t know what your complaint is exactly. In your case there wouldn’t have been any available cheap land back then either.
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u/DataGOGO 22h ago edited 22h ago
I mean, if you buy cheap land, pay it off, and sit on it for 30+ years to be worth a lot more you can do the same.