I agree with the sentiment, but what was the median house price v. the average?
> The average house sold in 1946 cost 1.75X. The median salary was X.
> The average house sold in 2022 cost 7.33Y. The median salary is Y.
Its clear from all the communications, unionizations, Great Resignation, and more that wages are completely broken.
And that above shows what it looks like.
We're one of the lucky ones. We're finalizing our recent house purchase. First time homebuyer. $375k , which was at the top of our budget. I make $150k, which is still a 2.5 factor differential... Which is .75 ABOVE what it would have been in the post-war boom 1946.
Im in my 40's, and its taken me 20+ years to actually get enough of a footing to even look at a proper house. I feel immensely sad for all younger. Can't afford a $600/mo mortgage so they're stuck with $1000 rents.
Loans are for people to borrow money when they don't need money.
I think GP is just trying to make sure we're comparing apples to apples. To me it almost comes across as you cherry picking data (average house price vs median salary).
https://fred.stlouisfed.org/graph/?g=OBTh only has data for median house prices from 1963, and household income from the mid '80s. The spread growing isn't heartening.
The median house price so far this year is over $390K, by the way. The earlier value was for last year.