This is a bubble we're in right now and unless median incomes go up enough to match the inflation rate in housing it will end
and with a nice pop. Now does that mean Housing is going into a long-term decline, um.. no.. I'll agree with you on that point.
But real estate is real estate, it's going up and it goes down. I've been doing this now for over 30 years and I've been through this boom and bust cycle two other times. We're going to have a correction and probably soon.

As though in 2008, it didn't take more than a couple of years before we started seeing some nice increases in values and it's been going
up since. But this isn't any different than when the stock market does it. The problem is Real Estate usually performs at a much more
modest but consistent rate than the market, but we're seeing some big-time inflationary rates due to factors that are only temporary.
We'll not have a shortage in lumber forever. (plus there really isn't a shortage, middlemen are taking advantage right now of the Covid situation to push up the market).
Eventually, incomes will increase. Then we'll see the next push higher.

As for homes being replaced, yes, that does happen and will continue to take place. A lot of millennials are now in the market as well. They took a lot longer
to get into the swing of it than previous generations. But they have as much buying power as the baby boom gen.. So even with that gen retiring and dying
the reality is they are already replaced. The difference though is future generations are going to be much smaller in terms of overall buying power and
there will be a steady decline, which will affect housing eventually. Not sure how it affects overall pricing, building materials in some cases will continue to
increase, but there will be also new tech that changes building as well in the next 10-20 years.