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submitted 1 year ago by yogthos@lemmy.ml to c/usa@lemmy.ml
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[-] KinglyWeevil@lemmy.dbzer0.com 4 points 1 year ago

Well yeah, this tracks. House prices have stayed largely the same but interest rates have increased drastically. So you're getting the same amount of house for huge increase in cost. When you add in wages not keeping pace with inflation and the idea that housing demand is relatively inelastic it absolutely makes sense that people are spending a bigger chunk of less valuable money on housing.

this post was submitted on 24 Jul 2023
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