well, assuming inflation is a measure of the currency relative to other currencies, that would suggest that tradeable goods would reflect inflation.

wage inflation is then a reflection of increasing prices in traded goods; autos, for instance.

since the majority of americans work in services, they wouldn’t gain wage inflation since their services are locally traded.

and since homes are not traded across borders, they too are limited to local inflation plus whatever amount of foreign investment or immigration accounts for. i would think that that amount of influx would be significantly less than the the absolute amount of currency inflation (deflation).