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A comment on America needs carpenters and plumbers. Try telling that to Gen Z. Parent comment

Re:America needs carpenters and plumbers. Try telling that t... by gradys on Thursday January 05, 2023 @04:00PM (#34266498)
People not wanting to work is not the main reason we’re seeing more people find housing unaffordable. It’s the extreme rise in price of housing relative to income.

I make dramatically more than my parents did when they were buying their first house around my age, but as a fraction of my income and savings, housing costs vastly more.

(It’s also not clear that the skilled trades jobs Gen Z apparently doesn’t want actually pay more than the alternatives. See other comments on this post.)

[ Parent | on HN ]
Re:America needs carpenters and plumbers. Try telling that t... by rednerrus on Friday January 06, 2023 @03:16PM (#34280386)
Here are the most reliable numbers I could come up with:

1990(Q1) average home price $124,000

2020(Q1) average home price $329,000

1990 average interest rate 9%

2020 average interest rate 3%

1990 average monthly mortgage payment $998

2020 average monthly mortgage payment $1387

1990 Average Wage Index (AWI): $21,027.98

2020 Average Wage Index (AWI): $55,628.60

1990 average monthly mortgage as a percentage of AWI 4.7%

2020 average monthly mortgage as a percentage of AWI 2.5%

I'm stopping pre-covid as it doesn't seem like the real estate market has not had time to figure out the rapidly increasing interest/AWI rates.

All of the numbers are based on US numbers.

[ Parent | on HN ]