I don't follow your calculations; It appears you're doing arithmetic with CAGRs from three different date ranges (2010-2020, 2012-2019, and L10Y). An apples-to

I don't follow your calculations; It appears you're doing arithmetic with CAGRs from three different date ranges (2010-2020, 2012-2019, and L10Y). An apples-to-apples comparison illustrates my point: L10Y cumulative change in: Bay Area rent: +46.0% [0] Bay Area wages: +45.7% [1] Vs: Barcelona rent: +70% (if we believe TFA) Spain wages: +30% [2] Or: Cumulative 2010-2020 change in: Bay Area rent: +57% [0] Bay Area wages: +34% [1] which also looks bad (but not as bad as Barcelona L10Y). Indeed, there were lots of complaints about housing costs in SF then. [0] https://fred.stlouisfed.org/series/CUURA422SEHA https://fred.stlouisfed.org/series/CUURA422SEHA [1] https://fred.stlouisfed.org/series/SMU06418840500000003 https://fred.stlouisfed.org/series/SMU06418840500000003 [2] https://www.ine.es/jaxiT3/Tabla.htm?t=59150 https://www.ine.es/jaxiT3/Tabla.htm?t=59150