BTW here’s an easy visual on this… homes were cheap (compared to rents and incomes) in the mid 90s, but are about as overpriced now as they were underpriced back then.
So, in fairness, roughly half of the 56% outpacing of home prices since 1995 is attributable to home prices catching up with incomes, since they started out quite underpriced.
But it’s just plain wrong to say that incomes have kept up with home prices since the mid-90s.
