People don't buy houses by writing checks for the purchase price. They get a mortgage and pay monthly which is dependent on both housing price and interest. W

People don't buy houses by writing checks for the purchase price. They get a mortgage and pay monthly which is dependent on both housing price and interest. With a lot of hand waving that number isn't much worse than the 70s/80s because interest rates were high then. However, that's cyclical and we're in a really crappy local minima for affordability due to a rapid increase in interest rates.