% of Income Used on Home Payments, by State:
1. California: 63%
2. Montana: 50%
3. Oregon: 49%
4. Washington: 49%
5. Idaho: 48%
6. Massachusetts: 46%
7. Colorado: 46%
8. Florida: 44%
9. Utah: 44%
10. New York: 43%
11. Nevada: 43%
12. Arizona: 43%
13. New Jersey: 43%
14. Rhode Island 42%
15. New Hampshire: 42%
h/t The Kobeissi Letter
Median Home Value by State:
1. Hawaii: $835,000
2. California: $719,000
3. Washington: $553,000
4. Massachusetts: $545,000
5. Colorado: $530,000
6. Utah: $496,000
7. Oregon: $474,000
8. New Jersey: $440,000
9. Idaho: $431,000
10. New Hampshire: $421,000
11. Montana: $421,000
12. Nevada: $409,000
13. Arizona: $406,000
14. New York: $405,000
15. Florida: $377,000
U.S. Debt-to-GDP Ratio by Year:
- 1930: 17%
- 1940: 49%
- 1945: 114% (WW2 Ends)
- 1950: 86%
- 1960: 54%
- 1970: 35%
- 1980: 32%
- 1990: 56%
- 1995: 64%
- 2000: 54%
- 2005: 61%
- 2010: 92%
- 2015: 103%
- 2020: 127%
- 2022: 120%
Great data. What a delight for the mortgage industry to siphon off greater and greater percentages of the peoples’ income.
Empowered by the promise of government bailouts, lowers property taxes, and lower long-term interest rates, banks are willing to lend more on property, leading to asset price inflation and putting most people in a forever state of debt servitude.
Financialization seems like a kind of captured servitude when you see data like this.
What would house prices / land values be, in a world without loans?
Yes, and the most upstream problem of all fiat currency. Need to shake it off and fast!
Restrictionist land use policies have played a huge role, here. It's impossible to build new housing in California. And if you do, it will happen after 5-10 years of lawsuits forcing the city to issue you a building permit.
Wow
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