Surprise, Housing Cost to Income Ratio Has Barely Changed

HousingWire, July 31, 2024-Aziz Sunderji
Although Americans have complained about high housing costs for decades, their concerns have taken on a fevered pitch recently. At first glance, these concerns seem reasonable: home prices have increased by more than 50% since the end of 2019. This is an annual growth rate of almost 14%—far higher than the long run average rate of 4%. We’ve recently lived through an unusually rapid run-up in home prices.
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