There is some truth to that. But I know in my home town in the late 1990's you could get a 1960's track home for $100 to $120k or so. Now those same 1960's track homes are going for $550k to $600k.

Same old homes (well older now) still no AC, but 6x more expensive. I can assure you incomes didn't go up 6x in that time.

Also, in 2010, when we bought, you could get one of those homes for a bit more than $200k.