"And everyone seems to accept to have less spending money when interest rates double or triple" another angle to look at this phrase would be "people don't see

"And everyone seems to accept to have less spending money when interest rates double or triple" another angle to look at this phrase would be "people don't see other option". Another option could be renting, but then there are many downsides - you are wasting rent money on temporary living instead of paying for your own house. Another downside at least in my country is difficulty to live normal life in rented apartment - usually there are restrictions (from landlord) to not own a pet, or they refuse to rent apartment for young family with babies. So people are kind of forced to purchase apartments, and ususally the need is to live in city where employment is highest, otherwise you will be unemployed or your expenses on commute will be the same as difference in loan payment which you saved with cheaper purchase. I am waiting (and renting) for "good time" to purchase apartment, and it's more than five years like that and I don't see any signs for hope anytime soon, and you realize that time goes by and you are getting older and your timeframe for which you can take loan is shrinking anyway, so situation becomes a bit desperate I would say. So decision making with real estate is not only rational but emotional too.