[Aunche]

It looks like this is counting the average rather than median, so it's going to be skewed by the top earners. Here is per capita income during the same time period using 2019 dollars:

  2019 39,156
  2018 36,734
  2017 36,553
  2017 35,970
  2016 35,375
  2015 34,157
  2014 32,619
  2013 33,008
  2013 31,691
  2012 31,549
  2011 31,389
  2010 31,208
  2009 31,690
  2008 32,096
  2007 33,131
  2006 33,496
  2005 32,855
  2004 32,368
  2003 32,433
  2002 32,483
  2001 33,077
  2000 33,267
  1999 32,692
  1998 31,629
  1997 30,657
  1996 29,521
  1995 28,788
  1994 28,332
  1993 27,564
  1992 26,593

https://www.census.gov/data/tables/time-series/demo/income-p...

It has increased even faster than average housing costs. To be fair, that's is expected because rich people don't spend the same percentage their income on housing as most other people.

[egh]

Good point. The data I reported is for "shelter" only, excluding utilities, furniture, etc., so I'm not sure how that looks on the income curve. You're also reporting average income, not median. Median income is much stabler, having climbed about $6000 since 1990.

My main point is, people are spending more on housing. It's not a mirage. It is highly concentrated where there are jobs, but of course people move to where the jobs are. It's facile to say they should move somewhere else, or that they are getting "more" for their housing.

[ChrisLomont]

>My main point is, people are spending more on housing. It's not a mirage.

House sizes have grown a lot too. When you factor that in, you get to what the OP stated: per square foot, housing prices have been remarkably constant (and for much longer than his 1990 to 2020 window).

When you factor in that houses are now vastly more energy efficient, safe, with niceties like central air, then modern home buyers are likely getting the best deals in history.