That's mostly down to financialization of the economy in recent decades combined with low interest rates. Financialization generally reduces risk (when done pro

That's mostly down to financialization of the economy in recent decades combined with low interest rates. Financialization generally reduces risk (when done properly) and increases the mobility of capital both across borders and over time. Reduced risk and higher capital availability means more loans. That has enabled people to put down more money today on the basis of future income streams, which has inflated asset prices, and asset price inflation encourages more people to buy as an "investment". This goes around in a loop until interest rates go up or bad debts come due. I wouldn't bet on asset price appreciation being a reliable route to wealth any more without an information or leverage edge, like planning decisions, political and regulation shifts, etc. which have long-term effects that result in net present value asset price changes. Sometimes the edge is basically corruption, but sometimes it's bets based on trends.