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>Across the country, Tekin found that "[m]edian home prices have increased at four times the rate of household incomes since 1960," meaning homeownership is inc
by _iyig 6y ago
>Across the country, Tekin found that "[m]edian home prices have increased at four times the rate of household incomes since 1960," meaning homeownership is increasingly out of reach for many Americans. Rents, meanwhile, have grown roughly twice as fast as adjusted wages between 1960 and 2017.
https://kinder.rice.edu/urbanedge/2019/07/25/gap-between-income-growth-and-housing-cost-increases-continues-grow https://kinder.rice.edu/urbanedge/2019/07/25/gap-between-inc...
- sokoloff 6y agoMortgage rates move inversely with house prices (because many buyers, especially marginal buyers) are buying houses based on the monthly payments more than on the HUD-1 statement price. By that admittedly too-simple analysis, houses peaked in unaffordability in 1980 and have been only modestly less affordable since 2000. (Much of this is likely explained by the median house in 2000 being much larger than the median house in 1960, having nearly doubled in size between 1973 and 2016.) [0] https://docs.google.com/spreadsheets/d/1z-A7AhhKNcVbvq_n8fPP8Fbq65iQ9s8IbkyM7SB6kp4/edit?usp=sharing https://docs.google.com/spreadsheets/d/1z-A7AhhKNcVbvq_n8fPP... [1] https://www.aei.org/carpe-diem/new-us-homes-today-are-1000-square-feet-larger-than-in-1973-and-living-space-per-person-has-nearly-doubled/ https://www.aei.org/carpe-diem/new-us-homes-today-are-1000-s...