US home listings plunged 21% in April with new homeowners reluctant to be 'locked in' to high mortgage rates

Daily Mail ^ | 5/5/23 | Stephen M. Lepore

[Vision]

It doesn’t matter that you were making less money.

[Yo-Yo]

It doesn’t matter that you were making less money. It does matter when you compare home prices as a percentage of annual income. That normalizes prices and incomes across the decades.

[Yo-Yo]

Median household income in 1990: $121,500
Median home price 1990: $121,500
Home to income ratio: 0.251

Median household income in 2020: $322,600
Median home price 2020: $68,010
Home to income ratio: 0.211

[Yo-Yo]

Oops, let’s try again:

Median household income in 1990: $30,600
Median home price 1990: $121,500
Home to income ratio: 0.251

Median household income in 2020: $68,010
Median home price 2020: $322,600
Home to income ratio: 0.211

[Vision]

https://fred.stlouisfed.org/series/MSPUS

[Justa]

Doesn’t that only apply to the PMI rates? IMO true conservatives put at least 20% down.

[Yo-Yo]

Yup, that's the source I used for the median home price.

And here is the source I used for the median household income:

https://www.statista.com/statistics/200838/median-household-income-in-the-united-states/

[Vision]

I give up. Good luck.

[Yo-Yo]

I’m sorry math is so hard for you.

[Yo-Yo]

Median income has also gone up faster than inflation:

https://fred.stlouisfed.org/series/MEHOINUSA672N

[woodbutcher1963]

One of the guys in my office wants to help his son buy a house. Their first home. However, they expect to buy a house that is perfect. They will NEVER find that.

My wife and I call it the HGTV effect.
Except, that 90% of the people that buy a home today are not willing to build any sweat equity. All houses require annual maintenance. As in you better do something EVERY year to improve your house. I personally paint part of the exterior of my house every summer. It is a cedar bevel sided house with pine trim. Over the last ten years I am slowly(one piece at a time) replacing all the trim with PVC.

My current house was built in 1972. I have replaced all but two exterior doors. I have a new Marvin Slider on order now.
I need to repaint the MBR and bath. The ceiling is peeling in a couple spots. We painted it 11 years ago when we bought the house.

My point is IF you do not do something EVERY year pretty soon you have a huge task that is almost unmanageable.

[Governor Dinwiddie]

Exactly.

[DownInFlames]

Nope. It applies to basic loan fees.