Over the past 40 years we have seen real estate prices go through the roof. Back in the day, a house was just where you lived. Now it is the middle class’ primary financial asset.
In 1975, you could buy a house in my now trendy then slummy West London neighbourhood for £5,000. Today, you would struggle to find one for under £1.5 million. It isn’t just London. A friend’s parents bought a vast Park Avenue apartment in the 1970s for $36,000.