Meet the Economist Behind the 1%'s Stealth Takeover of America

Sep 2013
38,805
30,770
On a hill
#23
Epitomizing why the left simply cannot be trusted in any way shape or form.

$2,938 median price for a home for a society where median income was just south of 1,000, $956, for a median house <1500 square feet (over three times median income) versus a median of $119600 in a society where median income is $55,030 (2.17 times median income) buying a house over 2,000 square feet. You people are just completely disingenious.
There are a couple of differences - in 1940 $956 was the median income for a man. $55,030 is median household income. Individual median income is $31,099.
 
Jul 2013
1,183
1,540
U.S.A.
#25
Epitomizing why the left simply cannot be trusted in any way shape or form.

$2,938 median price for a home for a society where median income was just south of 1,000, $956, for a median house <1500 square feet (over three times median income) versus a median of $119600 in a society where median income is $55,030 (2.17 times median income) buying a house over 2,000 square feet. You people are just completely disingenious.
Okay, there seems to be some confusion here with respect to the change in housing affordability over time. So, let’s review. I’ll convert all figures to 2018-equivalent dollars to make comparisons easier. I’ll throw in a few additional data points as well. I started in 1950 because that’s about when we started to collect detailed data on family income and home values.

Median home value in 1950: $76,819.00
Median family income in 1950: $33,594.00
Ratio of median value of home to income: 2.3:1

Median home value in 1960: $99,784.00
Median family income in 1960: $47,125.00
Ratio of median value of home to income: 2.1:1

Median home value in 1970: $111,165.00
Median family income in 1970: $64,521.00
Ratio of median value of home to income: 1.7:1

Median home value in 1980: $151,707.00
Median family income in 1980: $67,571.00
Ratio of median value of home to income: 2.3:1

Median home value in 1990: $154,640.00
Median family income in 1990: $69,115.00
Ratio of median value of home to income: 2.2:1

Median home value in 2000: $175,189.00
Median family income in 2000: $74,312.00
Ratio of median value of home to income: 2.4:1

Median home value in 2010: $205,371.00
Median family income in 2010: $68,764.00
Ratio of median value of home to income: 3.0:1

Median home value in 2018: $216,000.00
Median family income in 2018 (estimated): $71,900.00
Ratio of median value of home to income: 3.0:1

Two things jump out at me from these figures. First, both family income and house values have well outstripped inflation since 1950. But… If we factor in the relative number of families in which both spouses work full time today versus 1950, family earning potential hasn’t increased that dramatically since about 1970 compared to the post-war years. But we knew that already; lots of statistics bear that out.

Second, housing has indeed become less affordable for many, particularly since 2000 or so. That’s not a shocker either. And one can’t really argue that folks are buying a lot more house in 2018 than they were 2000. Incomes haven’t kept up with the increase in housing costs, simple as that.

So, who's being disingenuous?

Sources:
https://www.saving.org/inflation/
https://www.bls.gov/opub/uscs/1950.pdf
https://fred.stlouisfed.org/series/MEFAINUSA646N
https://www.huduser.gov/portal/datasets/il/il18/Medians2018r.pdf
https://www.census.gov/housing/census/data/values/values_unadj.txt
https://www.census.gov/prod/2013pubs/acsbr12-20.pdf
https://www.zillow.com/home-values/

Cheers.
 
#28
Inappropriate Content
We're at a cross roads. Which way do you think we'll go?
half the country as so stupid and brainwashed and scumbags that they will continue to suck the 1% you know what, even as they continually F them in the A

Not a refutation. Fact is people spend smaller percentages of their incomes TODAY for BIGGER houses. So take that left wing garbage and shove it, Babba.
christ, you are so full of shit. See, there is no hope with people like this. Actually, they are probably just paid by the 1% to troll and spread their stupidity
 
Jun 2007
51,512
36,926
Ohio
#30
What's very frustrating is that so many Americans just dismiss this as though it's not happening and they think what they're supporting is the preservation of their way of life and culture when the reality is the opposite. These are the people making some believe that there is a mass invasion of swarthy, unworthy people at our southern border so they start demanding that people all over the country prove they are citizens. So, for right now it's mostly just the brown skin people, but at a random stop could you prove you're a legal citizen? Not only are they separating and detaining families they are deporting those who've come seeking asylum without due process. Who says they wouldn't do that to you? If you support what the Trump administration is doing on immigration, then you're helping the Kochs and the other 1% who don't give a shit about anyone but the 1%. In other words, you're a fool. They're slowly working their way toward doing to the US what was done to Chile and you're enabling them. If you support dismantling the government and drowning it in a bathtub, you're enabling them.

(For those who haven't and/or won't read the piece.)
People prefer to blame their neighbor for every bad thing their boss does to them.

Trump sucks millions out of the government to put in his own pocket and the average MAGA is more upset that some black lady bought lobster with her food stamps.

Maybe we're just inclined to pick fights with people we perceive to be on our own level rather than punching up.
 
Likes: Babba