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Average income in 1960 (as an example year since it wasn't listed) $6000 or 10% of that house. Average income in 2021 $65,000, well short of the $80,000 to equ

Average income in 1960 (as an example year since it wasn't listed) $6000 or 10% of that house. Average income in 2021 $65,000, well short of the $80,000 to equal 10% of the house. Also, there has been a large increase in other expenses. Most households had a single earner, leaving another adult to generally raise children. That's much rarer today. Two car households, higher utility bills, etc... The evidence is pretty clear that money doesn't go as far today.

Clubber 4y ago
$10K in 1971, so 1/6th of the house. I suspect the people in this example made well more than that because buying a home at 6x income is not very responsible. That kinda skews the results because if you buy a home in an already well off neighborhood, I suspect the chances of it increasing in value are much better because the neighborhood has already proven to be valuable. https://www.census.gov/library/publications/1972/demo/p60-85.html https://www.census.gov/library/publications/1972/demo/p60-85... The boom in housing prices is also a temporary anomaly. That's only half the reason young people can't afford them. The other half is NAFTA and globalization and trade agreements, etc. Those were all done by politicians for corporations. It's easy to blame Boomers because you read an article that did that very thing (it's common in news to stir cross generational resentment). It also lets the politicians off the hook. Remember that next time they say the presidential candidate of whatever party you prefer will actually help you. Unless you are a corporation, that's unlikely.
- b112 4y ago
  Also, houses are massively larger today.