In a word, it’s unaffordable for many people. What you see here is the average monthly payment over the last 3 decades. Note the massive jump in 2020. That was the massive injection of funds into the economy. This is a bipartisan monetary policy.

What we see here is the same payment trend mapped alongside the M2 money supply, a measure that tracks those funds.

Want to know where the housing market is headed? Follow the M2.