London and San Francisco are not typical cases though. Most people earning median income, but living elsewhere, did not participate in a housing market with su

London and San Francisco are not typical cases though. Most people earning median income, but living elsewhere, did not participate in a housing market with such dramatic price increases. (As a side note, it's now impossible for people earning median income to participate in those markets, due to the expense). EDIT: That said, I do think that income is over-emphasized in categorizing people as rich or not. A person who lucked into a house that went up in value might not feel rich, but they definitely are richer than the person that has to borrow a million more dollars to live in the house next door.