Housing is a good source of long-term income, there are comparatively poor options, so prices go up compared to incomes.
To quote @Ege Erdil attempting to steelman:
there could be an interest rate effect—as interest rates fall, claims on future rents become more expensive so housing prices go up.
Counter point: We would likely guess that the graph of rent to income would look similar.
Housing is a good source of long-term income, there are comparatively poor options, so prices go up compared to incomes.
To quote @Ege Erdil attempting to steelman:
Counter point: We would likely guess that the graph of rent to income would look similar.