TLHLIM
- Thread starter sturg33
- Start date
acesfull86
Well-known member
We’re on a run of great charts today
nsacpi
Expects Yuge Games
The correct graph would look at something like median house price to median income ratio. That ratio has gone up from 3.5 in 1985 to 4.5 in 2010 to between 5 and 5.5 in recent years. Bernie's point is essentially correct even if his graph is not the right one to use to make the point he is trying to make.
Jaw
It's OVER 5,000!
It’s also not a fair comparison of houses. Where is the chart showing square footage, number of bathrooms, amount of granite, heated floors, dual sink vanities, etc that really inflate housing costs? That is without getting into the costs of building code changes from government or the massive spike in building material costs due to international demand.
nsacpi
Expects Yuge Games
Some house price indexes (like the Case-Shiller Index and FHFA House Price Index) try in various ways to control for those things. Others (like the median price of existing homes sold compiled by the National Association of Realtors) don't. All of those indexes have risen relative to median incomes over the past four or five decades. Some more than others.
Another way of looking at the issue is to completely sidestep trying to isolate price changes and just look at the value of homes relative to incomes. I'll put it this way: Americans as a group are very long housing and increasingly so (whether due to price changes or qualitative and quantitative changes in the housing stock) relative to income. I'm on the side of those who are looking for ways to increase the housing stock (very pro YIMBY). I do wonder if the folks who already own a house might view it in their self-interest to hold down the supply. If increased supply brings down prices at some point in the future, I could see a political backlash.
Another way of looking at the issue is to completely sidestep trying to isolate price changes and just look at the value of homes relative to incomes. I'll put it this way: Americans as a group are very long housing and increasingly so (whether due to price changes or qualitative and quantitative changes in the housing stock) relative to income. I'm on the side of those who are looking for ways to increase the housing stock (very pro YIMBY). I do wonder if the folks who already own a house might view it in their self-interest to hold down the supply. If increased supply brings down prices at some point in the future, I could see a political backlash.
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chop2chip
Well-known member
The community note made me laugh
The left appears to be using a rhetorical trick known as ignoring that TikTok exists. Yes, conservatives have made this whole affair quite weird, and yes, conservatives are using the sentiments of a relatively small and absolutely inconsequential group of people to stake their claims to, but there was *some* amount of uproar here. The right didn’t invent the controversy, they just made it seem like the people discussing it were movers and shakers on the left rather than random social media users, which is nothing new.
