Is it? Housing in Paris, London, Munich, Toronto, Vancouver etc. is extremely expensive relative to income of course other stuff varies.

Apples to apples. If you take the extremes in Europe, you have to take the extremes in the US as well. London and Paris most be compared to New York or San Francisco, not with Cheyenne (Wyoming).

Yes, exactly. Why do you think I meant something else?

Because New York and San Francisco are more expensive than Paris and London.