[cherry]

what the price of a new car?.....or a new truck?...many people don’t make that in a year of working full time...

[logi_cal869]

I’ve been saying this for years (long b4 2008) to dumb looks and rude remarks by those that profit from RE.

I am obliged to remark a rhetorical

“DUH”

and

“BOHICA”

[SamAdams76]

Average income 1959 = $5,019
Average cost of home 1959 = 12,400

Average income 2015 = $51,939
Average cost of home 2015 = $188,900

So basically a home was about 2 1/2 times your annual income in 1959 and about 3 1/2 times your annual income today.

A little more expensive to buy a home these days but consider that houses are much bigger and have many more features homes didn't typically have in 1959, like central AC and multiple bathrooms.

That sort of puts the lie to the contention that home prices are rising 13x faster than wages.

Besides, if that was true, nobody would be able to buy houses today.

[bert]

When the Bigg’un shakes San Fran, the loss in housing value will exceed the GDP of Russia