There is also the fact that it seems that "wage earners" excludes self employed and business owners.
However I have always felt that while the high end is priced by the super rich, but they should not drag the level below up unless they are affordable.
i.e. if a house is twice as big it might be 10x more expensive and the half size house will not be dragged up by the price of the larger house as no one who can afford the house at that price will want to live there.
However displacement of purchasers down the chain may partially explain the cascade effect of high prices at the top end.
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timeasmymeasure
no subject
Date: 2009-07-22 08:02 pm (UTC)However I have always felt that while the high end is priced by the super rich, but they should not drag the level below up unless they are affordable.
i.e. if a house is twice as big it might be 10x more expensive and the half size house will not be dragged up by the price of the larger house as no one who can afford the house at that price will want to live there.
However displacement of purchasers down the chain may partially explain the cascade effect of high prices at the top end.