Right, I did forget about renting, but since rent is more or less locked at some percentage of payments on a mortgage, it doesn’t change the point I’m making.
If the household income required to own a house goes up, then the household income required to rent will go up proportionally.
The point is, whether you need 1 income to afford a house, 2 incomes, or more, the ratio of household income to the price of a house will be the same.
Right, I did forget about renting, but since rent is more or less locked at some percentage of payments on a mortgage, it doesn’t change the point I’m making.
If the household income required to own a house goes up, then the household income required to rent will go up proportionally.
The point is, whether you need 1 income to afford a house, 2 incomes, or more, the ratio of household income to the price of a house will be the same.