For most of postwar history, a house cost about 1.5 to 2.5 times more than a person earned in a year. Today, even after the much-whined-about correction, it is more than four times as much. In 1940 the median U.S. income was $1,368; and the median house price was $2,938, a little more than double the income figure. In 1960 the income figure was $6,200, while the house price was $17,200, 2.77 times as much. In 1980 the ratio was 1/2.62, with income at $18,000 and house price at $47,200.
http://www.nationalreview.com/corner/376088/coming-real-estate-hyperpocalypse-all-your-fault-tim-cavanaugh
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