Housing affordability is at a crisis low. You’ve read that headline a hundred times. Incomes have to rise or home prices have to crash to return to the housing affordability levels pre-COVID.
It’s true if you measure a home in dollars earned. It is not true at all if you measure a home in stock shares owned.
That distinction matters more than almost anything else written about housing in the past five years. Because the people writing those headlines are measuring the wrong thing for a large chunk of their audience.
The Inexpensive San Francisco Housing Market
Here’s a great illustration. Below is a chart showing the cost of a median San…
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