3 ms·
It's the average. If the median wage was $1MM all goods would be way more expensive. But all this is wrong because rents rise to soak up income. If we all earn
by branchless 8y ago
It's the average. If the median wage was $1MM all goods would be way more expensive.
But all this is wrong because rents rise to soak up income. If we all earned $1MM rents would be most of that if all other goods stayed the same.
- isostatic 8y agoThis was shown. When household incomes increased as women working became the norm, households had more to spend on housing, which meant house prices ballooned. Much of the rest of the money was taken by things like childcare, gardening, cleaners, etc. This had the end result that those who want to stay at home can't, society is now based arround two decent income salaries.