Per paper, it's 0.9% real capital gain return since 1950 in the US. That's smaller than the 1.9% real gdp per capita of the US since 1950, meaning people are ac

Per paper, it's 0.9% real capital gain return since 1950 in the US. That's smaller than the 1.9% real gdp per capita of the US since 1950, meaning people are actually spending a lower percentage of income toward housing. (mind you 1950 typical housing, which is far worse than 2019 typical housing) You can probably chalk a lot of this up to land value increases - as population increases, but targets only a small segment of land, land values will go up. (especially as that population earns more in real terms)