But this is not what happened. Median carrying costs for real estate have fallen, so that US housing affordability has increased (for buyers). The places where

But this is not what happened. Median carrying costs for real estate have fallen, so that US housing affordability has increased (for buyers). The places where this is not true are all places that have seen significant population growth and have not permitted sufficient new construction. For example, in Jacksonville, FL, the median home costs $250k, which would leave a payment of ~29% of the median household income in Jacksonville using a 5% down payment. Similar math works in other cities where builders have been allowed to keep pace with population growth.