You are making the same bad assumptinos that many of the shill economists did as well: Median Income remains steady in the face of a severe RE recession.
A better question to ask is how the median income changes depending on what % of a particular region derived its median income from RE related industries. What about discretionary consumer driven services and products?
Don’t assume median income will remain constant. That is why it is imperative for people to begin looking at their current job and honestly assessing how well their company will fare in a recession.
