House prices are driven upward by people who buy a monthly payment rather than focussing on what a house should cost. And these people will sign up for the highest payment they can swing.

Then both husband & wife work, and they spend every penny. Which makes them more vulnerable than a single-earner family when a downturn occurs.

Contractors also play the perceived value & status games, which a lot of people seem to find irresistable.

I always used a Pugh Matrix when looking at houses, and I could not get my daughter interested in using one for house-hunting.... until one of her friends was learning about Pugh Matricies in class.