housing prices and health care are captured by the "real" part of "median real income". Inequality is not, but as long as everybody is getting richer, I'm less concerned about inequality.
Inequality is still important even if everybody is getting richer (I disagree that everybody is getting richer, but that's a different discussion). Because wealth and power concentrated in the hand of a few means that a few have outsized influence on politics and society, which is very much eroding the fundaments of how a democracy is supposed to work.
Furthermore, there are many studies showing that more wealth inequality results in more consumption in a society. Which is not good for many reasons.
