Houses (in the US) are even less affordable than in the run-up to the mortgage crisis in 2008.

If you compare the average costs with the average income, there is a gap of around 50%, roughly the same in the run-up to the recent mortgage crisis.

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To be clear: I am not saying that a mortgage crisis is coming, but it does show where we are in the real estate cycle.
Liability can only increase by:
- lower mortgage rates;
- lower house prices;
- rising income;
- Insurance and tax (just a drop in the ocean).

In 2008 affordability as driven by lowering mortgage rates, lowering housing prices, and to a smaller extent lowering taxes, despite lowering household income.