An old [in his 70s] retired engineer friend of mine crunched a bunch of number and then informed me that "in terms of 1913 gold ounces, a house today has never been cheaper, in terms of dollars houses are more expensive than they have ever been."
I also heard virtually the same thing from a friend of mine who was a professional boxer before he became a military officer and then an IT system administrator. Both of those guys are solid with the numbers they run.
In 1900 the average home in the USA cost between $1,500 and $3,500 with gold worth $20.67 per ounce. That means at $3,500 a house in 1900 would be about 169 ounces of gold.
Today I believe gold spotted at $2,350 USD per ounce.
169 ounces of gold x $2,350 = $397,150.00
The average price of a house in the USA in 2024 is about $380,000 [across the nation, average].
It would take about $397,150 to buy the gold in 2024 to buy a basic house in 1900.
But you only need about 161 ounces of gold in 2024 to buy a basic house in 2024.
Let's just pick a state at random from the Most Affordable list.
Explore the average house prices in the USA for 2024, discover trends, and weigh the factors influencing housing markets across different states.
www.instarem.com
Oklahoma...
$198,936 dollars for an average sale price of a home. 84 ounces of gold at $2,350 per ounce, enough for a modern home in Oklahoma but probably not enough for a typical home in 1900 USA.
Houses are very cheap [close to the same prices as they were 110+ years ago] in terms of gold, but very expensive in terms of dollars.