And dont give me the argument that while incomes have doubled house prices have gone up much more. My older sister owned a fabulous 2800 sq ft 1 story home on a 1/2 acre lot with a pool on cul de sac in great neighborhood. A professional golfer (Mark O’Meara) who has won many tournaments lived across the street and a cardiologist lived next door.
They paid $385,000 in 1988. Last month a model match completely updated (I.e. 50K klitchen remodel etc.) with a similar lot/location sold for $725,000. Very much in line with the change in median income.
I think it may time to look in the mirror and ask whose head is really in the sand?
