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Assuming an average value of $500k per-house, a millionaire could own two houses and a billionaire could own the entire neighborhood (lemmy.world)
submitted 8 months ago by to c/showerthoughts@lemmy.world
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I was doing some math in my head. I've been thinking about housing prices and wanted to assess the rough value of my city neighborhood block.

Assuming the average value of a house in my neighborhood is a flat $500k, that means 2 houses = $1M.

Counting the houses on my street I estimated there are about 20 houses per-block, which means 1 block = 20 houses = $10M.

Continuing to scale that up by factors of 10, we get:

10 blocks = 200 houses = $100M

and

100 blocks = 2000 houses = $1B

I opened up a map to visualize 100 blocks and it's practically my entire city neighborhood. Billionaires shouldn't exist.

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[–] 18 points 8 months ago (1 child)

Philly houses are like $100K back in the early 2010s

taxes were around $2000 ish per year...

So we moved from NYC and used to be renters... but now we own the house... (well I don't have a share, its technically my parents for the time being)

So you'd think: well great! no rent anymore! perfect? Right? RIGHT?

fast forward...

Kids were more racist in school and I got bullied a lot. (I'm ethnic Chinese)

😭

I hate Philly, I rather be in NYC. 🫠

So yes, home ownership and all... but at what cost?

Ghetto ass place :/

Caused me so much anxiety and self esteem issues and probably one of the major factors into my depression.

/endrant

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  • [–] 2 points 8 months ago*

    Sorry you have to deal with that.

    Culture can be a real pain in the ass and it's especially egregious when the people who are a part of it feel no shame or remorse.

    You, unfortunately, also get to see firsthand why some houses are cheaper than others.

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