Every time I mention to people that a home is almost always a depreciating asset in Japan, someone always thinks that's stupid and inefficient and obviously a b

Every time I mention to people that a home is almost always a depreciating asset in Japan, someone always thinks that's stupid and inefficient and obviously a bad thing. But if your housing is an appreciating asset then so is almost everyone else's. That means your primary cost of living is going up, and your wages (or return on other assets) better keep up with that rate of increase. That's a lot of pressure on new entrants, especially in a country where family has an ever-diminishing willingness (and ability) to take care of its own.