Question, could the price/income ratio be less of an issue than it seems due to rising inequality? I'd imagine that the income of the median house buyer is higher than the overall median - I doubt that people in the bottom quintile are buying many houses. Given that the higher you go, the faster incomes have been rising, I would also imagine that even if house buying rates by quintile remained the same over time, you'd still see their income rising faster than that of the average American household. If that's the case part of the recent rise might be an illusion.