The graph shows household income from 1967 and comparison of median single family dwelling value, adjusted for inflation, in 2023 dollars.
Combined, the US Treasury printing money and the Federal Reserve doing a horrible job of managing interest rates lies below both of these charts.
Back in 1970, the typical new home cost just 3.2 times the median income. By 2004, that ratio had breached 5x for the first time, and it has rarely dipped below 5 since the Great Financial Crisis. In 2022, the ratio peaked at 5.83—an all-time high.
A 2022 OECD (Organization for Economic Co-operation and Development) study of 28 countries found the U.S. had the third lowest percentage of households that owned their homes “free and clear” with no mortgages, as “outright owners.”
Free-and-Clear Homeownership Rate of Households
Lithuania = 83%
Slovak Republic = 69%
Hungary = 68%
Slovenia = 68%
Poland = 66%
Greece = 63%
Latvia = 61%
Italy = 60%
Estonia = 57%
Japan = 48%
Spain = 48%
Chile = 45%
Ireland = 43%
Portugal = 43%
Luxembourg = 42%
Korea = 41%
France = 37%
Belgium = 35%
Finland = 34%
United Kingdom = 33%
New Zealand = 32%
Austria = 30%
Australia = 29%
Canada = 28%
Germany = 27%
United States = 23%
Denmark = 11%
Netherlands = 9%
Investment advice offered through Convergence Financial, LLC, a registered investment advisor. Legacy Wealth Mgt., LLC and Convergence Financial are two separate entities. Supervised by Convergence Financial, 3919 S. Providence, Columbia, MO 65203
Legacy Wealth Mgt., LLC offers insurance products and services through a separate, unaffiliated insurance platform. These insurance products and services are not offered through, sponsored by, endorsed by, or affiliated with Convergence Financial, an SEC-registered investment adviser.
Convergence Financial provides investment advisory services only. It does not offer, sell, recommend, or receive compensation in connection with any insurance products or services. Any insurance products or services obtained through Legacy Wealth Mg are entire., LLCly separate from the investment advisory relationship a client may have with Convergence Financial.
Insurance products are not securities, are not investment advisory services, and are not subject to the same regulatory framework as the advisory services provided by Convergence Financial. Insurance products are obligations of the issuing insurance carrier and are not guaranteed, endorsed, or backed by Convergence Financial. Clients are under no obligation to purchase insurance products in connection with any advisory services they receive, and the purchase of insurance products through Legacy Wealth Mgt., LLC is solely at the client's discretion.
The decision to engage with any insurance platform or to purchase any insurance product is the client's alone. Clients should evaluate insurance products independently and may wish to consult with appropriate professionals before making any insurance-related decision.
Disclosures:
SEC Profile
Form ADV Part 2A Disclosure Brochure
Convergence Financial Customer Relationship Summary
Privacy Policy
Charles Schwab Customer Relationship Summary
Copyright © 2026 Legacy Wealth Mgt., LLC