It helps to also look before 1965. Right about 1970 or so was a very low point in the ratio of income to home price. It was higher before then, and since. If

It helps to also look before 1965. Right about 1970 or so was a very low point in the ratio of income to home price. It was higher before then, and since. If you look at the early 1970s as abnormal, then 4x is a pretty good estimate of the long term average. It's higher now, and was higher in 2008, but it's correctable.