Pricing vs Affordability vs Median IncomeIt seems like all I ever hear about in the news and in general is how affordable a house is, or really how much the monthly note is. No one seems to talk about the true price of the house and how much it actually costs. I feel like the general pricing in my area of northwest chicago is quite high given the general income of the populus.I can't help but feel like something is artificially keeping prices high? Am I just imagining this, are people really willing to stake out and fork over $250K for some rotting husk of a house? $250K for a small garden condo? $250K with HOAs near $500/mo and taxes near $5K/year? The median household income according to http://projects.nytimes.com/census/2010/explorer is about $60K a year. After taxes $60K/year is about $4000/mo. At $250K + $100/hoas + $5K + utilities + taxes your looking at forking about $2000/mo just to have a place to sleep, eat, drink, and pop a squat in comfort. 50% of the income for the average *household* would be going to living expenses for a low end property in the area. How is this possible? Are people really willing to suffer with that?It seems I'm not the only one concernedhttp://www.forbes.com/sites/zillow/2013/04/16/high-home-price-to-income-ratios-hiding-behind-low-mortgage-rates/Is there some defining cause of this housing price situation besides low interest rates? If its just low interest rates, when does the bubble burst?January 29 - Logan Square00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.