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In the Context of Income, New York Prices Housing Prices are a Steal

[1]

Prices by themselves don’t tell the story of affordability. Income has something to do with it. Candy bars were only 20¢ in 1978 [2] but I was only making $2.65 [3] at my college job.

Catherine Rampell of NYT Economix blog posts a cool chart on the ratio of house price to annual household income [1] from the IMF.

Housing prices are crazy expensive in Asia.