Yeah I'd also add that the mortgage system has been in existence since the New Deal and housing prices across America tracked inflation until recently.
With both education and housing there's a fear of missing out involved, where people see the door to the traditional definition of middle class America slamming shut. So demand ends up being incredibly inelastic because if you don't get in now you're Literally Fucked Forever.
When my boomer parents where young you went to college if you wanted to be an academic or a professional, and if you didn't you'd get a job and buy a reasonably-priced house with a 15 year mortgage in one of the thousands of economically successful towns that dotted this country.
With both education and housing there's a fear of missing out involved, where people see the door to the traditional definition of middle class America slamming shut. So demand ends up being incredibly inelastic because if you don't get in now you're Literally Fucked Forever.
When my boomer parents where young you went to college if you wanted to be an academic or a professional, and if you didn't you'd get a job and buy a reasonably-priced house with a 15 year mortgage in one of the thousands of economically successful towns that dotted this country.