Subject: Re: Berkshire and Tariffs
When I bought my first house in 1988, it cost me about 1.3 times my then annual salary. And it was a two family home of which I could rent out the right half.

Surely that was unreasonably cheap? Even if items are on sale at really low, fire sale prices occasionally (very occasionally), we shouldn't expect that all the time. Perhaps a product of authorities and lenders making it hard for ordinary people to get a mortgage.

Another view; interest rates are much lower now than they were then. A lot of the increase in asset prices since that era is simply due to the lower rates we have now. (This might mean that the slightly higher rates of the last 2-3 years will depress asset prices eventually ...)

SA