$47k might sound cheap. However:
1. It ignores the cost of land, or more specifically, building permits. Houses are fairly cheap to build; the right to build one in a desirable area is amazingly expensive.
2. It ignores the cost of labour, which added a fair bit then and a lot more now (cf. Baumol's cost disease).
3. It ignores changes in house size, quality, fixtures, whiteware, plumbing, insulation, glazing, efficiency, safety, fire risk, etc.
You could buy what that $47k got you, today, for quite a bit less (the cost of building materials has been headed down steadily). But...why would you want to?
1. It ignores the cost of land, or more specifically, building permits. Houses are fairly cheap to build; the right to build one in a desirable area is amazingly expensive.
2. It ignores the cost of labour, which added a fair bit then and a lot more now (cf. Baumol's cost disease).
3. It ignores changes in house size, quality, fixtures, whiteware, plumbing, insulation, glazing, efficiency, safety, fire risk, etc.
You could buy what that $47k got you, today, for quite a bit less (the cost of building materials has been headed down steadily). But...why would you want to?