People who become homeowners aren't buying condos analogous to their current apartments, they're buying (comparatively) enormous houses with front and back yard

People who become homeowners aren't buying condos analogous to their current apartments, they're buying (comparatively) enormous houses with front and back yards and 2-car garages. This is not just trying to recover sunk costs, this is a substantial upgrade in consumption. Also, remember that interest is front-loaded in the amortization schedule, and that disappears into the void same as rent. You can pay your mortgage for a long time without building substantial equity.