re: Monthly mortgage payment based on a median existing home is now at a record $2,322

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It's like people believe mortgage rates were always below 4% in the past when the range for decades was between 5% to 10%. It's not like 7%+ has never happened before nor can you purchase at 1980's era prices.

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That's a very shortsighted way to look at it. The home price to income ratio in the 80's was nearly half of what it is now. It's not just about interest rates.

It's about high house prices AND high interest rates AND low wages.

Also throw in higher living expenses like food, gas, etc.