Overvalued on a personal level means something costs more than you are willing to pay and you can do without said thing. That’s how much it costs means you thi

Overvalued on a personal level means something costs more than you are willing to pay and you can do without said thing. That’s how much it costs means you think it’s too expensive but you really want it or feel you can’t do without it and you can’t find an acceptable alternative for less. I think housing in my area is overvalued because what I can afford to buy would be a step down in terms of comfort from what I can rent. I looked at some houses and checked tax records for sales history and notice a lot of houses were selling as if they grew in value 8% compounded annually. This made me think I would be buying high. I might be wrong but it feels to me that houses are overpriced. I could be wrong of course. Maybe prices increase at their current rate for 10 years. But it seems to me that the increases can’t be sustained given the situation in the country (USA).