Over the past 20-30 years, what changes have occurred that now make it necessary for many households to have two incomes to stay afloat?
In: Economics
The basic gist is that more people want houses than there are houses available, so people pay higher prices to get a house.
The housing supply is short because there are more people. We have to spend a larger portion of our income on other things, cars, phones, TVs, and things that we think are common now were luxuries 20 – 30 years ago. Our houses are also a lot bigger, with nicer amenities in them. Cities have enforced zoning ordinances that don’t allow for mixed-use, high-density residential, etc.
All of these factors combine to just not enough housing to go around.
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