Housing prices have far outstripped wage growth and rental prices. Something has to give. So it will.
Every month I am amused by the comments from NAR chief economist Lawrence Yun regarding housing fundamentals, especially job growth.
Forget about strong jobs. Toss Yun's views in the ashcan.
Compared to wage growth, homes are nearly as unaffordable now as they were at the peak of the housing bubble.
That's without factoring in student debt and attitude changes regarding debt, assets, and mobility.
January 1987 to January 2000