It would be nice if it had worked that way. Realistically the the plentiful large amounts of money created a market for overpriced housing, each level buying to the extent their credit and circumstance would allow. This made all of the housing unaffordable for wage earners who don’t want to opt for a mortgage and unreasonable for everyone else, unless you are a fool betting on perpetual growth, and even if that growth continues, what is it fueled by? The evidence for my case is the increasing number of lower middle class people living as tenants, and working class joining the ranks of people raising families in automobiles or tents. I don’t blame the stupid people, I blame the banks for unscrupulous lending practices. The 30 year mortgage is necessary unfortunately, but that necessity doesn’t make it a good idea. Eventually the housing market will price enough people out, making them homeless and they will forcibly take properties over. It’s already happening in poorer metropolitan areas like Detroit.