If housing is profitable, in the sense of offering appreciation above the general rate of inflation, then it becomes less affordable to the next buyer, who has

If housing is profitable, in the sense of offering appreciation above the general rate of inflation, then it becomes less affordable to the next buyer, who has to fork over a larger percentage of their lifetime earnings to live there. It's unfortunate that this appreciation has progressed to the point where nearly all of a family's wealth is tied up in their home, as it is not a risk-free asset to hold.