The 4-11 times is comparing median income to home prices. Not mortgages. Historically, this stat has been 3-4 times. It’s a legit stat comparing apples to apples. Proof of this stat is that from 1997 to 2007 home prices increased 198%. Besides realtors (pay linked to home prices) what other professions had salary/wage spikes that kept pace? I’ll try to track down stats but I don’t know of many that had similar increases. To stay at 3-4 times, salaries would have had to increase by the same rate which isn’t the case.????
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