Via Barry Ritholtz, we were impressed by the following chart from Bloomberg indicating at "when your city became unaffordable", as measured by percentage of the income earned by a typical 22-to-34 year old American worker within a given major U.S. city would have go to pay the typical rent in that city:
So we tweaked one of our favorite charts to go along the data shown in the chart above so that it covers the same period of time.
Draw your own insights!
Data Sources
U.S. Census Bureau. Median and Average Sales Prices of New Homes Sold in the United States. [Excel Spreadsheet]. Accessed 8 July 2015.
U.S. Census Bureau. Income, Poverty, and Health Insurance in the United States: 2011. Current Population Survey. Annual Social and Economic Supplement (ASEC). Table H-5. Race and Hispanic Origin of Householder -- Households by Median and Mean Income. [Excel Spreadsheet]. 19 September 2014. Accessed 19 September 2014.
Sentier Research. Household Income Trends: May 2015. [PDF Document]. Accessed 8 July 2015. [Note: We've converted all data to be in terms of current (nominal) U.S. dollars.]
References
Clark, Patrick. The Exact Moment Big Cities Got Too Expensive for Millennials. Bloomberg. [Online Article]. 15 July 2015. Accessed 22 July 2015.