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this post was submitted on 11 Feb 2024
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Sure.
Doesnt change reality though, homes are affordable, you just don't get to live in a mansion on a median income which isn't a hot take.
No one is saying everyone should be able to afford to live in a mansion. But I’m saying the median home should not be a mansion, it should be a normal-sized house that ordinary people can afford.
The fact that most homes being built today cater to the wealthy and not average people is a symptom of the same extreme wealth inequality I was discussing above.
If you factor in renting prices in the range, the median household price drops way down and is around that mark, potentially lower.
The median house price alone when you chop off the entire rental market from the graph will never be that, because you effectively bias the number heavily upward by chopping off the entire lower portion of the data, biasing it upwards.
Rentals+Owning will have a median cost of living that aligns with the median income of the area.
But on average renting is cheaper than owning, so when you chop off and ignore that entire (very large) portion of the market, it's no surprise your median jumps up.
It's literally slightly less than half the entire market one ignores. Don't get fooled by it.
Yeah, and then people would say "why do people buy those useless apartments of 190 ft²?"
Because that's the only affordable housing