"Why does everyone want to tie significant amounts of their lifetime earnings into physical property that historically has had very low appreciation in value?"
Because for most, it's not an investment, it's a hedge. Your demand for housing will not be going down as you get older, but it will become increasingly harder to manage.
Because for most, it's not an investment, it's a hedge. Your demand for housing will not be going down as you get older, but it will become increasingly harder to manage.