You're definitely missing a key piece of things. Rent in my area is up 15-30% YOY. No one cares about buying an overpriced house when you're being bled dry by shitty property management companies and rental conglomerates. At least they're building equity. Doesn't matter if things go south as long as they can stay put 5-10 years.
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Going against the market make you rich.
Read about every investor billionaires story and you will see what I am talking about.