Under a Bitcoin standard, the cost of #housing in an exchange is the highest utility a person could have derived from the amount of money they gave up, to have a roof over their heads and not have to live or sleep on the street. The subjective value that individuals place on housing varies.

For some, it is very important to have a nest for their family or a place where they can come to rest. Others are desperate to have a house by the lake and are therefore willing to pay a premium. As you mentioned. But overall, houses would be cheaper because the share of financialization would be much lower and they would become cheaper over time due to deflation.