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Why do you say especially housing in the US? The price-to-income ratio for the USA is actually better, often far better, than every OECD country. In other words, as bad as you think it is in the US, its worse pretty much everywhere else.

https://www.numbeo.com/property-investment/rankings_by_count...

Americans spend 40% of their income for housing. Nigerians 20 times more. There is something wrong with your statistics.

That's not true. On average US households spend 30% or less of their income on housing according to both the census data and mortgage lenders.

According to the census data, only 20% of US households spend 40% or more of their income on housing. That goes down to 13% for home owners.

https://usafacts.org/data-projects/housing-costs

My stats (the property price index) are for property prices. It would be unsurprising if Nigerian home ownership rates are lower than US rates.

That’s the same thing.

It is not the same if you can move out.

But why?

Nobody's building any where demand is highest because that will depreciate homeowners' assets.