Because buying a house now has a limited upside in value appreciation compared to the stock market. High interest rates and high prices make home price apprecia

Because buying a house now has a limited upside in value appreciation compared to the stock market. High interest rates and high prices make home price appreciation very limited - in many cases, going down. Meanwhile, the stock market continues to go up. Owning a home also locks your money in while your money is liquid in the stock market. Further more, I'm still getting 4% return on cash. A lot of people probably think that's still a better return than real estate in the current situation. So in the end, it's really all about interest rates.