Wage To House Price Ratio Is A Changin’

inside-llewyn-davis-trailer

Readers may have seen the 2013 Coen brothers movie ‘Inside Llewyn Davis’, about a folk singer in NYC in 1961.
In a relatively early scene we hear from Llewyn’s sister that their parents’ house has been sold for “Eleven-Five” ($11,500).
Immediately thereafter Llewyn sits in on a recording session for another folk singer, playing second guitar and doing fill-in vocals on one song. For this he is paid $200 (a little under 2% of the value of a house!).
Gee, how times have a-changed.
The equivalent in our town today would be for a musician to be paid $15K-$20K for session work on one song.
– vreaa

22 responses to “Wage To House Price Ratio Is A Changin’

  1. West Van Tree Dweller

    Speaking as a part-time amateur musician, in Vancouver today a guitar player would be lucky to get the $200 for the session work! So, house prices are insanely high and artists (of all stripes) starve – you gotta love living in a “world class” city…

  2. Real Estate Tsunami

    If you’re not starving, you’re not an artist.
    I wonder how much a back up musician, let’s say in New York, would make.
    How about a new affordability index measuring the ratio of house prices to musicians wages for major cities?

  3. Vancouver is the lowest wage place for any job in North America..
    except for marijuana related business

    a true dead end city (more like town)…..somethings rotten in vancouver , why is it so low wage and opportunities so pitiful

  4. Douglas Coupland owns a nice house. You just gotta know how to market yourself.

    • The other guy

      And write books that are nearly “generation defining” in addition to others that sell well and while continuing to produce art that others are willing to pay for over the span of decades.

      He genuinely is a successful artist, even if you don’t like what he does.

  5. f:{E/Z, K/M} -> {QE/Z, G/O}
    QE(n):{R3|0.1%} -> {R2|0.01%} -> {R1|0.001%} -> {}
    pffft!

    • Prolog?

      • OhSnap! You meant the programming language, right?

        [NoteToIllustriousEd: How we got from there to ‘FastFoodNation’ – and all its attendant ills – is quite possibly the CrimeOfTheCentury… Still working on a happy denouement, though.]

  6. REBGV monthly stats are out.

    Welcome to month 25 since the peak (for GV House Price Index). Yes, that’s right it is now 2 years since the index peaked in Vancouver.

    It is close to returning to the peak in nominal terms (only 0.18% below) but with inventory levels above average the big question is if the market can pull that off next month.

    If we adjust for inflation the current price index is actually 4.1% below where it was 2 years ago.

  7. Oops miscalculation there. The inflation adjusted amount is 2.56% below 2 years ago.

    • To be fair, you should probably include rent/mortgage differentials in your inflation calculations.

  8. Only if my purpose was to compare this to other investments. My purpose here is to simply understand the trend in housing prices.

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