Various tax breaks introduced in the past 30 years contributed. Direct tax breaks like cost and loan credits. Plus indirect breaks like tax-advantaged savings p

Various tax breaks introduced in the past 30 years contributed. Direct tax breaks like cost and loan credits. Plus indirect breaks like tax-advantaged savings plans like 529. A similar thing has happened in housing. Various tax breaks introduced in the past 30 years allow people buy a much higher list price of house (in terms of annual salary multiples) than 30 years ago.