Well sure rates have been higher before, but you have to compare median income to home prices back then. I don't see where the money is going to come from to support continued housing appreciation today. People in many industries, not just ours, have lost tremendous buying power over the last 40 yrs, and especially the last 3 yrs. Wages by and large have not kept up with inflation, and particularly housing inflation, over that same period longer period. This low rate experiment going back to the post 2008 crash has helped this inflationary situation plus the lack of home building. Millenials are all grown up now and finally on the other side of the disastrous student loan frenzy of our 20s and were having families and buying homes.

Meanwhile, our trophy weilding boomer parents are aging in place creating this lack of supply. My guess is that the housing market will rebalance when boomers pass away. All those homes will be inherited and sold. We'll see in 10-15 yrs.

I'm just a pilot so I am mostly full of crap on the above. Just my 2 cents, after adjusting for inflation ...