15x the annual income for a house... good thing the interest is tax deductable! Let's see, with 90% of your income to pay for the interest on your house, that only leaves 10% of your income to be taxed... Doesn't work, the US gov needs a lot more money than that. You have to add another premise: 1% housing interest rate (we'll borrow the money from the Saudi's... and if they don't like it -- too bad. Like a good neighbor, the US is there! <G>).
-- If housing price can be made to be 15x the average annual income, --
Back of the envelope it looks like it would take about 110% of your income just to pay the principal and interest, let alone taxes and insurance. That's a pretty good trick.
If you make say, $30,000, no way they even let you in the door to look at a $450,000, let alone buy it. $120,000 would be a stretch unless you have a decent down payment. Sorry, no free pie in the sky.
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