What we earn vs. what we pay for homes
Reader Josh Dowlut responded with this comment:
Real median hourly wages (adjusted for inflation) peaked in 1971. Household income is up since then, but that is only because of more women in the workforce (more dual earner households). In short, it takes two wage earners to maintain the same standard of living it used to take one wage earner to maintain.
Would someone care to explain why society would even want expensive housing? It is taken as a given that such an outcome is desirable and beneficial and the only debate is how to achieve such outcome. Why would anyone support policy that results in more of your income going to a necessity? That's the real question.
Update: Josh was writing from memory, but he double-checked his stats and reports that inflation-adjusted median hourly wages are about what they were in 1973 for men. (Women's wages are up.) Here's the useful wage-history link he sent my way.