The median price of a new home in the US is now 6.7x higher than the median household income.— Charlie Bilello (@charliebilello) May 24, 2022
Housing has never been more unaffordable relative to incomes. pic.twitter.com/bpxmXcK3fi
The median household income in my city in Canada is roughly $75,000 (US$60,000). The median price for a detached house in the last quarter was $1.1 million (US$873,000). So, that's 14.6x!
A median apartment goes for $650,000. That "affordable" option gives us 8.6x!