this post was submitted on 20 May 2024
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"lowest" 69 -> 66.5%
It was 60% in the 90s, when houses were last affordable (3x household income)
I disagree that the market will crater(though that depends on your definition of crater); even Japan which went through this same situation decades ago never even saw prices drop in half from their crazy high peak in the 90s. They're only down about 25%, but they did get as low as around 45%. While those may seem like very good numbers, it wouldn't even come close to making things affordable (3x household income)
Between population growth, and many of those boomers dying and leaving the properties to their kids, there just isn't a way for the whole thing to crater. It may drop a bit, but most likely it's just going to level off and stay unaffordable.