This chart is pretty chilling.
It basically shows that middle class income has remained stagnant while housing prices have gone way up. Except for the housing crisis 10 years ago, the trend is clear.
If you bought a house 50 years ago, it cost you a little more than 2X your annual income. Today, it’s 3x to almost 6x your annual income.
In the Bay Area its even worse. Houses are 10X salaries!
This is typical for the Bay Area. Houses are going up at alarming rates, but salaries are not. How can a person in their twenties or thirties hope to afford a home without a high risk mortgage that nearly ruined our economy 10 years ago?
We didn’t fix the rules last time around and I see no reason the crisis won’t return. The Supreme Court is already conservative and is moving more to the right. The congress and executive branches, as well as most american local governments are right wing. Progressives have never been able to organize as well as reactionaries. We are heading in the wrong direction.
Home Ownership is the American Dream. I fear that it will remain a dream for most young Americans. Our only hope is that people will realize that their vote matters. If everyone in the country voted, the rules would change. It’s a slim hope indeed.
Want some other terrible charts?
Billionaires are taking more and more of the income and paying less and less of the taxes.
I pray for progressive leadership, not watered down centrism.