Housing used to be 3X to 4X of your yearly income. This was from the 40s to early 2000s. The government told banks to make sub-prime loans in the 90s, creating this problem. Below is data for California.
Year 2000 average wage was 46k and home was 211k but 46k X 4 is 184k home.
Year 2024 The average wage is 72k, and the home is 900k, but 72k X 4 is 288k.
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Housing used to be 3X to 4X of your yearly income. This was from the 40s to early 2000s. The government told banks to make sub-prime loans in the 90s, creating this problem. Below is data for California.
Year 2000 average wage was 46k and home was 211k but 46k X 4 is 184k home.
Year 2024 The average wage is 72k, and the home is 900k, but 72k X 4 is 288k.
Something will break sooner or later.
Whats going on in Mono County?