The significant rise in price of housing has left people who own housing a whole lot richer, at least on paper. Those who don't own housing want to also become

The significant rise in price of housing has left people who own housing a whole lot richer, at least on paper. Those who don't own housing want to also become rich and they see emulation as the way to achieve that. Case in point: Ten years ago I pointed some people living in the higher cost big city complaining about the high cost of housing in the city to a home for sale in a small town for $80,000; something they considered cheap. At the time the prices were stagnant, though. Their response: "Why would I want to own that? That would be awful." A similar home in the same neighbourhood just sold for $436,000 after two days on the market. Now that price is rising, making it look like a way to get rich, everyone suddenly wants to own it. It is still every bit as awful to own the house, but the quest for riches offsets that. Should housing lose its ability to make people rich, interest will quickly wane. People will move on to the next get rich quick scheme.