This is very imprecise data that I have, but my understanding is that pre-covid Tokyo was around 8M yen median household income, and a median home was around 60M yen, so roughly 7-8x the median HHI. Now it's around 80M for a new home and wages are the same.
Seattle even right now is ~110k ish HHI, median home price is ~$800k, so that's 7-8x, before COVID I think it was around ~650k, so around 6x. Also Seattle is known for being pretty expensive, a lot of cities like Houston have an even better multiplier.
It just doesn't seem that different to me. Feels like a lot of people are unhappy with property prices and think it's uniquely a US problem, whereas the system in the US actually works decently well compared to a lot of places. (It would take many essays for me to list all the flaws, I'm not saying it's perfect I'm just looking at it relatively speaking).
Seattle even right now is ~110k ish HHI, median home price is ~$800k, so that's 7-8x, before COVID I think it was around ~650k, so around 6x. Also Seattle is known for being pretty expensive, a lot of cities like Houston have an even better multiplier.
It just doesn't seem that different to me. Feels like a lot of people are unhappy with property prices and think it's uniquely a US problem, whereas the system in the US actually works decently well compared to a lot of places. (It would take many essays for me to list all the flaws, I'm not saying it's perfect I'm just looking at it relatively speaking).