I grew up in a coastal city (Miami) and watched prices climb 100k, then bolted to 500k-600k before settling back into 100k-200k again. Houses were always in dem

I grew up in a coastal city (Miami) and watched prices climb 100k, then bolted to 500k-600k before settling back into 100k-200k again. Houses were always in demand but prices were constrained by average salary (35k avg) until investors got involved and banks took the constraints off mortgage requirements. I watched a friend put her college graduation money as down payment on a 4 bedroom house and struggle (she couldn't afford to go out, couldn't even afford to eat meat) for a few years all in the vain belief that it was an investment. She aged about 10 years in that period time.