lunoon...that average joe on one income of 55k cannot afford the buy the median average house...he can only afford a 200k house...4times his salary.... however if he gets a partner also on 55k then they can afford a 400k home... most people on that low wage realise that, and buy a new home with about 30-40 k govt assistance for 200-240k
anyway the banks are smarter than the average joe...and would not lend him more then 90% of 200k
but I can see where you are coming from....you like the argument about houses are 8 times the salary...right.. since about the end of ww2...both spouses have worked and bring in today about 100k today they refer to it as 'household income'..reflecting two incomes per house...
