Here's how much housing prices have skyrocketed over the last 50 years.

If you are planning to purchase a property this year, you should be prepared to pay around199,200 dollarsthe median home price in the United States, according to Zillow data. This amount may be lower if you are in states like Ohio or Michigan, but if you reside in major coastal cities like New York or San Francisco, the cost will significantly increase. In fact, the cost of buying a home can exceed1 million dollars.

It is worth noting that houses have not always been this expensive.in 1940the median home price in the USA was only2,938 dollars. Kin 1980this figure has risen to47,200 dollars, and toin the year 2000she has achieved119,600 dollarsIf we adjust for inflation, the median home price inin 1940was equivalent only to30,600 dollarsaccording to the calculations onYear 2000, according to data from the U.S. Census Bureau.

Change in the median home price in the USA (1940-2000)

• 1940: $2,938
• 1950: $7,354
• 1960: $11,900
• 1970: $17,000
• 1980: $47,200
• 1990: $79,100
• 2000: $119,600

Housing prices adjusted for inflation (in 2000 dollars)

• 1940: $30,600
• 1950: $44,600
• 1960: $58,600
• 1970: $65,600
• 1980: $93,400
• 1990: $101,100
• 2000: $119,600

Housing prices have certainly been increasing over time. However, the problem is that the cost of homes is rising faster than inflation rates, making it nearly impossible for young and new buyers to enter the real estate market.Sharp rise in pricesis partly an explanation of why the average age of home buyers is now44 years old, then inin 1981he was within25-34 years old.

Inin 2016Housing prices have started to rise twice as fast as inflation.

Nevertheless, if you have the opportunity, many experts still argue that buying a home is a wise investment. Self-made millionaire.David BachIt states that underestimating the importance of homeownership is "the biggest mistake millennials make." By investing in real estate, one can secure a "path to wealth," he explains to CNBC.

In his bestselling book "The Automatic Millionaire," Bach writes, "As a renter, you can spend half a million dollars or even more on rent over the years."$1,500 a month for 30 years amounts to $540,000."), and end up in the same position — owning nothing. Or you can buy a house and spend the same amount on mortgage payments and ultimately become the owner of your own home without any debts."

If you are determined to make your own home a reality, here are a few tips to help you in this endeavor: see how much you need to save for buying a house, determine what you need to give up to make the purchase, and also learn the signs that you have saved enough to buy a home. Don't forget about the salary needed to purchase housing in...20 largest cities in the USA.

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