I just call it the income-housing gap but I’m not sure if there’a a particular name for it.
The average salary in 1970 was $9870
The average home price in 1970 was $17,000
That means a person earned about 58% of their homes value, which explains why people were about to buy houses back then; they could probably even put 50% down if they really saved up.
Now compare that to today
The average salary in 2022 is $63,214
The average home price in 2022 is $429,000
That salary is only 14% of the price it takes to purchase a home in the US. 14%!
How the hell did we let this get so out of control?!