I agree with Tricky, $500,000 is a monster of debt, but I also believe that people are the author of there own (mis) fortune. A house is both an investment for downsizing later and shelter. People need to live within there means. The idea that people can grow wealthy off rising house prices isnt new to this cycle, the same thing happened during the boom of the late eighties early nineties. People must learn to temper there expectations. Learn to live in a smaller house and drive a used car for a while. You get ahead in real estate when you pay off your mortgage. My wife and I did it a number of years ago, and it has been a huge burden off our shoulders, but we made choices (smaller house and used cars) and it has paid off in the long run.