The extremely wealthy had huge income gains over the last 10 years. Think corporate executives, high end lawyers, entrepreneurs, finance types. Then they they took their new money and did things like built Aspen Estates with it. Someone who used to make $250,000 increasing their income o 2.5MM per year doesn't increase the median income by even one dollar, since they were well over the median before as well. But it makes it likely that they'll move from a $600,000 house to a new $5MM house, which increase the average house price dramatically, and the range of house prices as referenced below.
That ultimately doesn't have anything to do with the "average" family whose income increased from 80k to 90k (or whatever) and whose housing costs went up a slightly larger percentage. The 4-11 is bogus for that reason. Income disparity went up, but that doesn't make the average 2 storey less affordable.
Michael
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