Housing is a taxpayer subsidized, inflation proof savings plan for the average citizen. It is also levered. Open this chart of historical mortgage rates and

Housing is a taxpayer subsidized, inflation proof savings plan for the average citizen. It is also levered. Open this chart of historical mortgage rates and click 'max': https://fred.stlouisfed.org/graph/?g=NUh https://fred.stlouisfed.org/graph/?g=NUh Since 1981, rates have declined and tax treatment has become more advantageous to existing owners. With the current ZIRP/NIRP/QE regimes around the world, the leverage available to the average citizen has never been greater. That leverage has gone directly into housing. If the leverage trends continue (see 'helicopter money'), housing (along with all other asset classes), will get further out of reach.