Are homes unaffordable by historical standards? Gen Z f-cked?

I'm not embarrassed to admit I'm worried about housing. Not for myself. Although our landscaping bill is through the roof.

Surprised? Until the recession of 2008, home prices were pretty overcooked and most folks couldn't afford a home. Then rates crashed (helped by QE2 and other meddling by the Federales) and for a decades homes were cheap! Not anymore. The combination of a housing shortage and high interest rates is slamming Gen Z and Millennuals. It's the bad old days all over again!

BTW, the rule of thumb is that a buyer shouldn't spend over 30% of their income on housing. Good luck with that!

Which means that while the average Amercian family makes about $80,000 per year, they need to make approx $125,000 to prudently afford a home. BAM!

You may be wondering if the Chicago area is any better (than the national average)? Slightly...but it still sucks!