Housing should be affordable except for when I sell my house for $1M
I've never understood how real returns on house prices could be believed to be sustainable. If the value of a house appreciates in terms of purchasing power for some other good at a constant rate, at some point in the far future just a single house would become valuable enough to purchase the entire global supply of the other good.<p>The illusion of house price appreciation is due to historical population growth creating scarcity, and cheaper money allowing for higher and higher leverage. At some point the music has to stop.