10% housing rise → 1% birth rate drop
A study cited by Scott Galloway found that for every 10% rise in housing prices, the birth rate declines by 1%, making housing costs a form of birth control.
Snapshot · The Prof G Pod with Scott Galloway
How Much Money Is Enough? Plus, Why AI Won’t Replace Financial Advisors — with Jack Raines
Explore episode
Jul 27, 2026
Where this was said
How Should Young People Save for a Home in a High-Cost City?
At 9:47 · chapter starts 7:35
The housing question is where the episode gets most concrete — and most pointed. Jack Raines opens by flipping the premise: before asking how to save for a home in a high-cost city, ask whether you should at all. [1] — Jack Raines "A 3-bedroom in San Francisco proper starts at $3 million. Add private school, parking, and property tax, and you're locked into a lifestyle…" 07:35 With San Francisco studios at $4,000 a month and family-sized homes starting at $3 million, the arithmetic of buying in the city quickly becomes oppressive once you add parking, private school, and property tax. Raines's advice: live in the city to make money and build your network, rent while you do it, then relocate to suburbs or New Jersey when family life begins. Scott Galloway agrees but adds institutional texture: the 'you never lose money in real estate' mythology was manufactured by the National Association of Realtors to protect their 5–6% commission. [2] — Scott Galloway "In 1992, a Bay Area home cost 2.8 times the average Haas Business School grad's salary. Today, that same ratio is roughly 15 times. This is…" 10:20 He then drops the episode's most striking data point — a Bay Area home cost 2.8× the average Haas grad salary in 1992; today it's roughly 15× — and frames the shift as a deliberate wealth transfer engineered by incumbent homeowners who control housing permits and vote to block new supply. He calls for a policy reversal: 'Build, baby, build.' The segment closes with both hosts acknowledging the rise of financial nihilism among young people who have simply given up on homeownership and are spending on Coachella instead — a rational, if dispiriting, response to a structurally broken market.
SF 3-bed costs ~$3 million
A three-bedroom, two-bath home in San Francisco proper costs approximately $3 million, making homeownership prohibitive for most young professionals.
Should You Even Buy a Home in New York or San Francisco?
A 3-bedroom in San Francisco proper starts at $3 million. Add private school, parking, and property tax, and you're locked into a lifestyle treadmill before you even furnish the place. The smarter play for most young professionals is to live in the city, make money, meet a partner, and save — then move to the suburbs when kids arrive.
SF studio apartment ~$4,000/mo
A decent studio apartment in San Francisco now rents for around $4,000 a month for approximately 500 square feet.
Housing Prices Have Gone from 2.8× to 15× Salary
In 1992, a Bay Area home cost 2.8 times the average Haas Business School grad's salary. Today, that same ratio is roughly 15 times. This isn't a market correction — it's a deliberate transfer of wealth from new entrants to incumbent homeowners who control the permitting process.
Home price-to-salary: 2.8x → 15x
When Scott Galloway graduated from Haas in 1992, Bay Area homes cost 2.8× the average grad salary; today they cost roughly 15× that salary.
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