Good stuff FSD, whybuy. So it seems like the last bottom was around 4.6 * median income. Not affordable by conservative measures, but way better than anything we’ve seen in a while.

Is there any good reason to think we won’t get down to at least 5 * income at the next bottom? I don’t see any.

sdrealtor, don’t get me wrong I agree with your overarching point that prices aren’t determined by incomes. SD is an expensive place to buy, but it’s also an expensive place to rent. Ultimately its the PE ratio that shows how out of whack prices are. I wish people would focus more on that than on incomes.