To play devil's advocate, these big institutional buyers moving into the single-family home market after a huge run up just feels like suckers rushing in at the

To play devil's advocate, these big institutional buyers moving into the single-family home market after a huge run up just feels like suckers rushing in at the top. We're possibly at a multi-generational peak in inflation-adjusted returns to homeownership. Total population growth has essentially peaked, and working age population is falling. Expect more inflation over the next 50 years as we have more retirees (pure consumers of goods) to working age folk (who are net producers). On top of that, we've built more housing than "needed" in 99% of the country (look up the numbers if you're curious... construction has outpaced population growth).