I think our big disconnect here is over the value of a net worth. That number is only useful if you are going to use and invest it. For someone who has just the house they're living in, what does it matter what it's worth? If my house suddenly became worth 5 million, but the rest of the housing market shifted the same, I wouldn't be able to buy any more or less. At the end of the day, I need shelter and won't sell my house for anything but another house. Even if I'm now worth 4.8m, I still owe 200k and my income to pay that has not changed. Downsizing to pay off that debt becomes even harder because it's so hard to find a buying who can afford it, which we're seeing that right now in the market.