Comment by AnthonyMouse

There is only a weak correlation between local income and housing costs, and most of that is that it's hard to get extreme housing prices in areas with low income, rather than that housing in high income areas is inherently required to be expensive.

For example, Boston has a higher per-capita income than NYC but somewhat lower housing costs, and Austin has around the same per-capita income as Los Angeles but significantly lower housing costs. Because it's a lot easier to build housing in Texas than in California.