I found this article that gives a great numbers based look at housing prices over the last 40 years in San Diego. These charts paint a picture that housing prices are currently on the low end of the historical range and if mortgage rates are included in this comparison then monthly mortgage payments are at all time lows. This first chart shows home prices against income and shows that the run up in mid 2000’s was bound to come down. While today we are on the low end of house prices compared to incomes.
This next chart shows home prices against rents and tells a very similar story to the last chart.
This is where the charts start to become very interesting. With mortgage rates being at historic lows the comparison of monthly payments against income are at historic low levels.
With this chart as well the significantly low mortgage rates compared to rents are at ridiculously low levels.