First off, your numbers are wildly off. Median Price in 2000 for both new homes and existing homes was well over $150,000 nominal (some data has existing close

First off, your numbers are wildly off. Median Price in 2000 for both new homes and existing homes was well over $150,000 nominal (some data has existing close to 200). That whole premise significantly misleading though. The median size of a single family home in 2000 was over 300(!)sqft smaller than the median size of a sfh in 2023. In the same period relative property tax outlays (pegged to constant valuation) have decreased. The housing market is in undeniably a bad spot, but median price vs median wage is such a misleading metric given how little of the picture it really provides. Every 20 something parrots the "myth" that their parents could buy a house for say $70,000 or something vs $400,000 now. That myth is just false and lazy. In 1984 the median home price was approximately $90,000 nominal (rising to over $230,000 in 08, a similar increase as '00-'24) and the average interest rate was 13.88%. In 2024 those numbers were $400,000~ and 6.8%. On an equivlent 30-y bill that works out to the following - 2024 ($400,000/6.8%): $2405 (Nominal), $2405 (Real) - 1984 ($90,000/13.8%): $1072 (Nominal), *$3246 (Real)* Shockingly real prices of homeownership are cheaper in 2024 than in 1984. Tax & insurance rates have risen notably in that time so that full all-in difference is more marginal than the $841 here, but its still a remarkably counter-intuative fact. Only difference is in 2024 much more of our money goes into equity, while in the 80s and 90s it went to the bank.