[quote=harvey][quote=CA renter]Back in 1973, a single-earner family of four, with the single earner working in construction/plumbing/electrical/auto mechanics could live in a safe, clean neighborhood in a SFH in LA. They could own two affordable cars, too. Today, even a two-income family in those same industries, or something similar, would not be able to live in that same house or neighborhood[/quote]
It is worthless to use a single data point of local real estate values as proof of aggregate “purchasing power” arguments. The only thing your “statistic” says is that real estate was cheaper in certain neighborhoods in LA in 1973. That change is influenced far more by demographics than the general economy. Real estate costs more in LA because there are far more people in these areas. Same supply, more demand. There are plenty of cities where real estate is far cheaper today than it was in 1973. The town I grew up in is one of them.
Lots of people live in nice homes today on single incomes – most of the families on my street, most of my relatives. My neighbor, a plumber, has three cars (and any car you buy today is far better than any car that was even available in 1973.)
The question still stands: Other than manly jumpsuits, what is it that people cannot afford today?[/quote]
Did you watch the video where Elizabeth Warren goes into detail about this?
