[quote=jstoesz] population of people with poor fiscal values. [/quote]

Well, its more than that, and perhaps speaks to Scarlett’s mention of professionals. Markets are shaped not just by economics, but by culture and ideology. No one disputes that the ideology of home ownership in the U.S. is very strong (if sometimes illogical). But people who earn a certain income often want to stretch that income to the limit in order to achieve homogeneity within a particular taste culture – aesthetic, social, economic. So many “professionals” (I suppose I’m one) seem to have driven up prices by going “all in” with stretching dual incomes, rather than live rather modestly in more diverse neighborhoods.

Of course, I’m not drawing from any data – purely anecdotal and general observations.