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Grandfather Worked Longer To Buy Home
William J. Levitt of Levitt and Sons notes in the 1950s that housing costs as a share of income have fallen from 25 to about 20 percent, while the labor required to buy a home has decreased from roughly 2.5 years to about two years. He links rising incomes, easier mortgage access, and better building practices to demand for larger homes, citing FHA data on median incomes and home values.
MENTIONED IN THIS ARTICLE
New York
UPI
William J. Levitt
Levitt and Sons, Inc
Levitt
Grandpa