Put it this way — the value of the home where I grew up has increased by about a factor of 2.5 since the 90s, with average incomes in the area maybe doubling. My mom bought it in early 90s and paid it off on one income. This was always considered a “good” town in NJ, so gentrification doesn’t really play into it. Note that value was probably closer to 3.5x the 90s value at the height of the bubble.
Re-inflating the bubble, at least in “my” part of NJ, would do more harm than good unless incomes jump dramatically. (Don’t see that happening in the near term.)
