This article has lot of facts and figures and i really apologise for just dropping this like this (late night/early morning) but with the median figures adjusted for inflation from consumer price index, I don't think its quite fair to say that you can just drop numbers and compare them to present day. I didn't see this mentioned but then again my eyes are really tired and maybe missing the point but:

$148,800.00 house in 1975 is the equivilant of $595,484.88 in 2008 in buying power

Median income of $42,936 in 1975 has buying power of $171,826.20 in 2008.

Roles Reversed

$245,300.00 house in 2008 in buying power is $61,295.66 house in 1975

$50,303 median income in 2008 is the equivilant of $12,569.73 in 1975

Buying power calculated using the inflation caluclator of http://www.bls.gov/data/inflation_calculator.htm

"The CPI inflation calculator uses the average Consumer Price Index for a given calendar year. This data represents changes in prices of all goods and services purchased for consumption by urban households. This index value has been calculated every year since 1913. For the current year, the latest monthly index value is used."

Now maths really isn't my strong point. Actually really bad and I know that there are many of you far far clever than me so I reserve judgement and hope someone can double check for me but i just wanted to mention this because I didn't see it discussed.

(edit: i see it mentioned - sorry)