There are many headlines about how housing affordability is declining. The headlines are correct: it’s less affordable to purchase a home today than it was a year ago. However, it’s important to give this trend context. Is it less expensive to buy a house today than it was in 2005? What about 1995? What happens if we go all the way back to 1985? Or even 1975? This is a very interesting article with a chart that may surprise you as it did me. (someone pointed out to me that the inflation-adjusted median income to afford a home isn’t shown. I found a chart going back to 1984-the earliest it went-that shows median income was $52,679/yr and $68,703 in 2019 so even inflation-adjusted incomes have increased over the years: https://fred.stlouisfed.org/series/MEHOINUSA672N)
Full Article here: Are Houses Less Affordable Than They Were in Past Decades?
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