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Re:Where our economy is, for the young by bhupy on Friday October 02, 2020 @02:48PM (#24665745)
Not true in every metro, there's a tool you can play with to show you the wage-to-house-price multiple: https://twitter.com/jmhorp/status/1221828310000271361

Major metros where the multiplier has largely stayed the same:

Columbus 1984: 2.47x

2017: 2.97x

Omaha

1984: 2.3x

2017: 2.77x

Little Rock

1984: 2.85x

2017: 2.75x

Kansas City

1984: 2.64x

2017: 3.01x

Pittsburgh

1984: 2.16x

2017: 2.42x

Minneapolis

1984: 2.64x

2017: 3.34x

Houston

1984: 2.66x

2017: 3.68x

Chicago:

1984: 2.45x

2017: 3.49x

Also, inflation adjustments take into account the increase in prices of all goods & services, including housing -> https://www.bls.gov/cpi/tables/relative-importance/2019.txt. So even if housing costs have gone up more than overall inflation, other things have fallen, and OVERALL inflation rate is the best rough measure of "cost of living". There's disagreement over which indexes are better (based on how they weight different expenses); CPI-U vs CPI-W give different importance to different goods & services. Importantly, the inflation-adjusted incomes have gone up regardless of which index you choose to use.

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