What Median Home Prices Would Look Like If the Bubble Never Happened

``Historically, median home prices and median incomes have always shared a close relationship. From the mid-1970s to 2001, the historical ratio of median housing value vs. median household income was consistently between 2.6 and 3.0.'' -- A decent metric for home prices. Another one is rents. They use rents to calculate housing's contribution to inflation, but they don't use it to calculate housing's true value?