At the same time cost of living has not risen so much in certain parts of the country. You are paying say $1.2m in CA for a modest home worth say $90k in Toledo, Ohio. Labor certainly isn't so depressed in Ohio vs CA, it is a little but not by a factor of over 10 fold like we see in comps in the housing market. This is why it is important to recognize the regional factors that lead to these differential outcomes IMO, and you can't consider that without considering the state of the housing market. Everywhere had the same Fed but we see dramatically different outcomes.