eli5 – Why is the cost of housing so high compared to wages?

Question

I see charts from the 1960’s – 2000 showing wages keeping up with the cost of housing. Then there’s a huge boom in housing cost. What factors caused the price to jump so high? Is it only the low interest rates, or did something else happen?

For example: [https://imgur.com/a/8HWIlqx](https://imgur.com/a/8HWIlqx)

Edit:

This guys just uploaded a video today answering the question I posted. He says a lot of the same things that you guys said too[https://www.youtube.com/watch?v=eL9DBjfhWAE](https://www.youtube.com/watch?v=eL9DBjfhWAE)

In: 50

Answer 1

In addition to a lot of the things said already housing has gotten a *lot* bigger. Lewittown, the first mass produced, cookie cutter suburban development in the US had houses of 750 sq ft (70 sq meters), you’d very rarely find houses that small being built today.