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The cost of buying a house with a mortgage has exploded. Back in 1955, it cost $112/month to take out a mortgage to buy a house. In 2025, it costs $2,800/month. That's an astounding 2,300% increase over 70 years. In the last five years alone, mortgage costs have nearly doubled. These costs have surged faster than people's incomes, creating a massive housing affordability crisis. The question is: what happens next? Following the 2000s housing bubble, there was a crash, and mortgage costs dropped 40% in half a decade. But following the 1970s housing inflation, there was no crash. Instead, home-buying costs stabilized for two decades, allowing incomes to catch up. I see similarities in 2025 to both previous eras, as we are in a massive home price bubble today (similar to the mid-2000s) and have also experienced rampant inflation over the last several years (similar to the 1970s). The net result is that no one can afford homes right now. And the only cure for this is a combination of cheaper prices, lower mortgage rates, and higher incomes. And it might take years to get there.