Sure, the value of housing has gone up a lot since 2004 (about 2.5×) https://fred.stlouisfed.org/series/BOGZ1FL155035013Q https://fred.stlouisfed.org/series/BOG

Sure, the value of housing has gone up a lot since 2004 (about 2.5×) https://fred.stlouisfed.org/series/BOGZ1FL155035013Q https://fred.stlouisfed.org/series/BOGZ1FL155035013Q What people actually pay for it, though, in terms of mortgage payments as a share of income, is at basically the same level (6%) https://fred.stlouisfed.org/series/MDSP https://fred.stlouisfed.org/series/MDSP As long as people buy houses on credit, high house prices only reflect that mortgages are cheap.