You can make a rough comparison by looking at housing starts in Japan[1] vs USA[2] housing starts. Housing cost in Japan has been flat even in major metros like

You can make a rough comparison by looking at housing starts in Japan[1] vs USA[2] housing starts. Housing cost in Japan has been flat even in major metros like Tokyo. They also build 2-3x as many houses over the long term according to the data cited. Seattle is a weird example for me (anecdotally). When I lived there in 2017-18 I found the rental market to be great. The city had incentivized building rental units and as a result there were great deals to be had. I was able to negotiate a 15% discount and dictate the length of my lease on Capitol Hill. I don't know what it looks like now, but it was great at the time. 1. https://fred.stlouisfed.org/series/WSCNDW01JPA489S https://fred.stlouisfed.org/series/WSCNDW01JPA489S 2. https://fred.stlouisfed.org/series/WSCNDW01USA470S https://fred.stlouisfed.org/series/WSCNDW01USA470S