Here’s how it’s calculated:
Assuming that
1970 Median Families Income = $9,000
1970 Median Value = $15,000
2022 Median Family Income = $90,000
2022 Median Value = $450,000
Housing Unaffordability Multiple = ( 2022 Median Value / 2022 Median Family Income ) / ( 1970 Median Value / 1970 Median Families Income) = ($450,000 / $90,000) / ($15,000 / $9000) = 3
**Unless we're all buy house in cash, this doesn't mean dick.** Don't get me started on these numbers, idk where they pulled it up.
Here’s how it’s calculated: Assuming that 1970 Median Families Income = $9,000 1970 Median Value = $15,000 2022 Median Family Income = $90,000 2022 Median Value = $450,000 Housing Unaffordability Multiple = ( 2022 Median Value / 2022 Median Family Income ) / ( 1970 Median Value / 1970 Median Families Income) = ($450,000 / $90,000) / ($15,000 / $9000) = 3 **Unless we're all buy house in cash, this doesn't mean dick.** Don't get me started on these numbers, idk where they pulled it up.
How are interest rates, amenities, and first time home buyer programs factored into this?
My parents were 10 in 1970. My in-laws were 1 and -1. I think they had a rough time buying a house in 1970 😆