> I wonder if persistently low interest rates is the real culprit that led to housing as investment. Of course. The profit from selling a leveraged investment

> I wonder if persistently low interest rates is the real culprit that led to housing as investment. Of course. The profit from selling a leveraged investment is based on the delta between what you pay to borrow the money and how quickly the asset goes up. Doesn't matter it that's a house, a stock, bonds, whatever. Housing is particularly attractive for these bets, because it's so easy to qualify for a big loan and because the rates have been so low. Once mortgage rates exceed about six percent, the incentive to invest in real estate will be much lower.