{"id":236180,"date":"2025-12-17T10:30:00","date_gmt":"2025-12-17T15:30:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=236180"},"modified":"2025-12-18T06:00:13","modified_gmt":"2025-12-18T11:00:13","slug":"why-housing-looks-expensive-in-dollars-but-cheap-in-gold","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/why-housing-looks-expensive-in-dollars-but-cheap-in-gold\/","title":{"rendered":"Why Housing Looks Expensive in Dollars but Cheap in Gold"},"content":{"rendered":"\n

A generation ago, a single income could support a family, buy a house and pay for a vehicle or two in the driveway.<\/p>\n\n\n\n

Today, even two high earners are struggling to purchase a new home.<\/p>\n\n\n\n

According to a recent report from Bankrate, a household earning $80,000 a year is now priced out of 75% of all new homes on the market.<\/a> A family now needs to earn at least $113,000, and in some major metros, it\u2019s closer to $200,000.<\/p>\n\n\n\n

Meanwhile, the homeownership rate has slipped to a six-year low,<\/a> with further declines expected next year. Families are being squeezed from every angle.<\/p>\n\n\n\n

The point I want to make here is that the so-called affordability crisis isn\u2019t just about the cost of homes or other assets. It\u2019s about the cost of money.<\/p>\n\n\n\n

The Dollar Has Been in a Century-Long Bear Market<\/strong><\/h3>\n\n\n\n

Take a look at the chart below. It compares the purchasing power of the U.S. dollar since 1915 to the price of gold over the same period.<\/p>\n\n\n\n

\"As<\/figure>\n\n\n\n

What it shows is that the greenback has lost over 95% of its purchasing power. Gold, by contrast, has exploded, especially during periods of fiscal and economic strain.<\/p>\n\n\n\n

Politicians and pundits may blame greedy corporations or inefficient supply chains, but here\u2019s the truth: when a government runs endless deficits and finances them with fiat created out of thin air, the currency itself becomes the source of the problem.<\/p>\n\n\n\n

We can trace it all back to 1971 when President Nixon suspended the dollar\u2019s convertibility into gold. As I shared with you before,<\/a> that was the day the U.S. traded fiscal discipline for a floating exchange rate.<\/p>\n\n\n\n

Once the tether to gold was severed, spending exploded. Government debt soared from less than 40% of GDP to well over 120% today.<\/p>\n\n\n\n

\"U.S.<\/figure>\n\n\n\n

In short, when money becomes untethered from reality, everything priced in dollars becomes harder to afford.<\/p>\n\n\n\n

And that takes us back to housing.<\/p>\n\n\n\n

U.S. Housing Looks Historically Cheap\u2026 When Priced in Gold<\/strong><\/h3>\n\n\n\n

The next chart might surprise you. It shows the ratio of the median price of a new home divided by the price of gold. Essentially, it tells you how many ounces of the precious metal it takes to buy a typical American home.<\/p>\n\n\n\n

\"U.S.<\/figure>\n\n\n\n

We all know that, in dollar terms, housing is expensive right now. According to the Census Bureau, the median price for a new home in August was $413,500, a nearly 5% jump from the price in July. Remember, that\u2019s the median price, meaning half of all available homes for sale are even more expensive.<\/p>\n\n\n\n

But the chart shows housing priced not in dollars but in gold, and you\u2019ll notice three instances when the median home cost roughly 100 ounces: 1980, 2011 and 2025.<\/p>\n\n\n\n

This tells me the affordability crisis isn\u2019t necessarily being driven by runaway home prices, but by the continued weakening of the dollar as well as the cost of borrowing.<\/p>\n\n\n\n

Examining housing through a gold lens exposes what the consumer price index (CPI) and political messaging hide\u2014namely, the real culprit is the currency.<\/p>\n\n\n\n

That\u2019s why I, along with many others, consider gold to be real money. It doesn\u2019t lie, and it doesn\u2019t get revised by government bureaucrats. It doesn\u2019t depend on congressional budget committees or Federal Reserve projections.<\/p>\n\n\n\n

Think about that next time you hear about a housing bubble. The real bubble may be the debt-fueled system we\u2019re using to measure value.<\/p>\n\n\n\n

The Fiat Era Has Failed to Deliver Price Stability<\/strong><\/h3>\n\n\n\n

This isn\u2019t just an American problem, of course.<\/p>\n\n\n\n

The chart below, taken from a Deutsche Bank report, shows average annual inflation for 152 countries since 1971. Not one major economy has kept inflation below 2% over the past half-century. Most countries have averaged between 4% and 10%, but some\u2014Argentina, Brazil, Turkey\u2014have suffered a \u201cnear-total currency collapse,\u201d according to Coin Bureau.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Gold Is Real Money, Fiat Is Temporary<\/strong><\/h3>\n\n\n\n

Once again, gold is real money, whereas fiat is temporary. <\/p>\n\n\n\n

President Donald Trump calls the affordability crisis a hoax. In truth, the lack of affordability is real for many families right now, but the cause isn\u2019t home builders or landlords or banks. The cause is the steady erosion of fiat\u2019s purchasing power. Gold is simply the mirror reflecting the truth.<\/p>\n\n\n\n

—<\/p>\n\n\n\n

Originally Posted December 15, 2025 – Why Housing Looks Expensive in Dollars but Cheap in Gold<\/a><\/p>\n\n\n\n


All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be appropriate to every investor. By clicking the links above, you will be directed to a third-party website. U.S. Global Investors does not endorse all information supplied by these websites and is not responsible for their content.<\/p>\n\n\n\n

The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by consumers for a representative basket of consumer goods and services. The CPI measures inflation as experienced by consumers in their day-to-day living expenses.<\/p>\n","protected":false},"excerpt":{"rendered":"

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