You didn't compare apples to apples, housing in 1950 was radically different than housing in 2026. Homes today are significantly larger, better insulated, vastly more robust construction codes, more technology incorporated (not least of which is air conditioning, which was just starting to be a notable thing in the 50s, didn't become truly mainstream until the 70s).

Real estate is a very local thing, so I can't speak to your area, but 1950s equivalent homes in my area are still impressively cheap. Why? People aren't interested in a 900 to 1000sqft home with no central AC. There's cities in this country that will give a run down property like that to you for free if you agree to live in that little town for a certain number of years, or at least there used to be. Those things come and go.

Also, because that's not what they want, the neighborhood becomes a meth lab. But if people actually wanted those homes that issue would resolve itself.

The data doesn't all support this common misconception. Really, it's an intentional deception on the part of many people who know better.