While that's definitely a blunder, if you look at the right figures (in the article: inflation-adjusted median income of $48,500 then and $60,000 now, and inflation-adjusted average house price of $154,587 then and $369,677 now), the average house price went from 3.2 times the median income to 6.2.
That's a lot, his point still stands, and there's no need to call him an idiot.
I think even if you ignore the question of whether the economy is fair, it should at least be quite clear that the younger generation will be poorer than the previous one.