Property value to income ratio says little more that the fact that property values have increased faster than incomes.
You just have to remember that property is a finite commodity and with a ever increasing population demand for property in popular location is far beyond supply.
You can still buy properties for $300k, even brand new homes. Income to property value on those is around 3-4 years.
But the compromise is that they are on the outskirts of the metro area but in time there will be suburbs even further out and they will not seem so far away
