Why did one income once seem enough for a home, while two incomes can struggle today?
A few generations ago, buying a home on one ordinary income was more common in many wealthy countries. Today, two working adults can still find homeownership difficult, especially in major cities. At the same time, homes are generally larger and jobs are more productive than they were decades ago. Across many developed economies, house prices have also risen faster than incomes over long periods. If people are working more and living in economies that produce more, what changed in the relationship between income and housing?