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> But, this describes maybe a few dozen housing markets. Probably only a couple dozen if you cut out resort/ski towns. It's a regional problem

It, uh, describes all of Canada actually.

https://www.reuters.com/article/us-canada-economy-housing-an...

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That's totally fair; sorry for assuming the thread was US-centric.

It also describes the most populous US state. The median housing price is now over $700k in California, while the median household income is around $80k.

California is an outlier. Even within California, the $700K number is caused by a few outlier markets.

$700k is the median. The average is even higher, and especially so in “outlier markets” (where outlier here means the cities and surrounding suburbs where most people live).

Also, more Americans live in California than any other state. So if it’s an outlier, it’s an especially impactful one.

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