It’s interesting to look at places like Westchester that were already upscale decades ago. Here’s the first listing I found in Scarsdale, NY, which has been an affluent Wall Street suburb forever: https://www.redfin.com/NY/Scarsdale/12-Stoneleigh-Rd-10583/h.... Sold for $645k in 2003 and $1.25 million this year. That’s 3% appreciation per year over the last 23 years. It’s exactly the rate of inflation.