This is not surprising at all. Population has exploded, immigration is easier than ever before (since the Industrial Revolution), desirable places have become even more desirable, plus real estate is used as investment.
Under such conditions, wages can only stagnate or have modest growth, while prices for scarce resources like land in desirable areas can only go up.
Good news is that there are still cheap places everywhere. But everyone treats them like they're all plague infested or something. Building a new town/city is no easy feat, but it sure used to happen more often in the past.
Under such conditions, wages can only stagnate or have modest growth, while prices for scarce resources like land in desirable areas can only go up.
Good news is that there are still cheap places everywhere. But everyone treats them like they're all plague infested or something. Building a new town/city is no easy feat, but it sure used to happen more often in the past.