Also there's a huge difference in housing costs within a metro area based on when you arrived. Due to rent control and low construction rates. So a 15 year ren

Also there's a huge difference in housing costs within a metro area based on when you arrived. Due to rent control and low construction rates. So a 15 year renter will be locked into low rent rates and have significantly more disposable income at the same salary. Their low rent is a huge asset that isn't traditionally valued. In California there are also limits on property tax increases. A theoretical person in SF who bought a house in 2005 now has very valuable property and low property tax rates, along with the high salary you'd expect from a SF HN reader.