The last big section of the article is dedicated specifically to this idea: > But there are other economic relationships that might have similar effects. One o

The last big section of the article is dedicated specifically to this idea: > But there are other economic relationships that might have similar effects. One of these is income level - as incomes rise, demand curves shift to the right, which (all else being equal) should also cause an increase in prices. So we should expect an increase in housing prices to be partly driven by rising incomes, especially when the supply is fairly inelastic (as it is for housing.)