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It's not a useful if you're prospective home buyer in a region but it's a reasonable illustration of how generally unaffordable housing has become.
by joe_the_user 3y ago
It's not a useful if you're prospective home buyer in a region but it's a reasonable illustration of how generally unaffordable housing has become.
- vikramkr 3y agoUnfortunately there's a really high risk of issues like Simpson's paradox when you average together distinct populations like this, meaning the combined statistic/insight could actually be showing the opposite of the experience you're likely to experience within each region. No home buyer isn't part of a region. Given that where you buy a home and where you live are very highly correlated, it's hard to tell if this is over or under stating the actual average experience. Your actual experience of housing affordability is regional not global. In this case my hypothesis is that this number is actually an underestimate of how unaffordable housing is, though for all we know it could be that some significant regions like rural regions are more affordable. There's no way to tell from this number alone.