This is assuming you never lose a job or can get a new one to replace current one easily. When market downturns, those equity based salaries will go heavily dis

This is assuming you never lose a job or can get a new one to replace current one easily. When market downturns, those equity based salaries will go heavily discounted, and you might not be able to afford mortgage anymore. People overestimate their max credit payments... And financial system incentivizes that (why wouldn't you borrow from 401k? It's just your retirement savings)