No, he didn't. He posted something from the National Association of Home Builders about the affordability of a median priced new home.
"Affordability has worsened over the past 20 years for families trying to purchase a home because incomes have not kept up with rising housing prices. In 1976, almost half of all families could afford to buy a median-priced new home; in 1996, just more than one-third of families have enough income to make purchase." (source: National
Association of Home Builders)"
mwhodges.home.att.net
Comparing the price of a median priced new house in 1976 to one in 1996 is apples to oranges, IMO. Houses these days are much larger. But let's go with the data - and take a look at it. National Association of Homebuilders says that in 1976, the median price of a new home was $44,200, while in 1996 it was $136,000.
According to the Census, using then-current, not chained dollars, in 1976, per capital disposable personal income was $5,960, and in 1996 it was $21,385. So in 1976, per capita disposable income was 13.48% of the price of the median new house, while in 1996 it was 15.72%. Table 722.
census.gov
Further, the NAHB says that more people could afford new houses in 1976 - funny, why do more people own houses now than they did then?
Further, the Grandfather says that mortgage rates are up 48% from 5.5% - last time I checked, 7% is only 22% more than 5.5%. I don't think he updates his data very often, do you? |
