It’s easy to assume that high real estate prices mean a state or region is doing “better,” but that’s not the whole picture. Property values rise and fall for many reasons—some healthy, some harmful. Limited housing supply, restrictive building codes, burdensome ordinances, and inflation all drive up prices regardless of whether people’s wages keep pace.
Five years ago, a household earning $75,000 could realistically buy a modest home. Today, that same family is often priced out—even though they’re earning the same income or a bit more. That’s not a sign of prosperity; it’s a sign of imbalance.
When housing costs outpace wages, families struggle. They spend more of their income just to keep a roof over their heads, which squeezes out money for savings, retirement, healthcare, and education. And if the housing market corrects—as it often does—those who bought at the peak can end up “underwater,” owing more on their mortgage than their home is worth. That’s financial quicksand, not stability.
Labeling entire regions “shitholes” because of their industries or housing prices oversimplifies complex realities. Manufacturing, agriculture, and service work are still vital to the American economy. The dignity of work doesn’t come from whether it’s in a factory, a field, or a tech office—it comes from the effort to provide for a family.
The bottom line: High real estate prices are not automatically something to brag about. Economic health is better measured by whether people can afford to live, work, and raise a family securely in their communities—not whether outside investors bid up home prices.
