"In order to buy a 1 million dollar property you need a single pre tax income of about 90k JUST to service the debt, nothing else and this is on a loan of 800k
so just to service this debt the average HOUSEHOLD income needs to have a compound increase of 4% per year during that period - note that I am now talking household income, not single person income any more"
so uses example
1 million dollar home (60% above averasge)
loan $800,000 (50% above average)
then goes on to use the "average" income to justify how expensive it is.
