Chart median home cost vs. Median salary and you'll see the problem. Salaries have declined since the 1970s while home costs have doubled.
In 1970 about 1 year of earnings could buy a house. Today it takes 4 years salary.
In 1970 about 1 year of earnings could buy a house. Today it takes 4 years salary.
That 1970 ratio seems wildly low compared to the data I found. Historical ratios seem to be 3-4x, with periods in the 1950s, mid-2000s, and perhaps soon [but not yet] of 4.5-5x. Housing seems slightly (~5%) cheaper now than in the 1950s and about 30% more expensive than the 1970s based on this ratio calculation.
https://www.longtermtrends.net/home-price-median-annual-inco...
House purchase prices were lower in 1970 in part because mortgage rates (and therefore housing monthly payments per $100K borrowed) were dramatically higher.
https://www.cnbc.com/2017/06/23/how-much-housing-prices-have...
I shared it because it didn’t mesh with what you were saying.
It's also almost certainly the case that dramatically lowered costs in other areas (food, telecommunications, household appliances) has freed up spending power which, again, has bid up prices in desirable markets.
Cheaper credit has greatly magnified the same effect, without necessarily driving up true costs.
As you've pointed out, housing isn't particularly expensive everywhere, just places where they're not building to keep up with rising demand.
Oh, and we haven't even mentioned that comparing the median home in 1970 to the median home in 2019 is not exactly apples-to-apples, starting with square footage.
Maybe you have something wrong. Maybe it wasn't more rewarding to go to work. People on their death beds don't say I wish I'd gone to work more. No. They say they wish they'd spent more time with family.