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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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[–] 2 points 8 months ago

You assume they are paying outright and not financing it over a couple decades. They own a significant more doing it that way.

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