The problem with an appreciating asset is, that it will have to become less and less affordable to average people, because otherwise it can only maintain its value , keeping up with inflation. We must reach a state, where the value of the houses or the property itself stops increasing over time. That is always a result of relative scarcity. And it will backfire tremendously, when the boomers start dying off. The value has to be in the fact, that you dont pay rent and also can decide freely, how to change and do things around the house.