U.S. Single Family Housing significantly lagged post-crisis recoveries compared to equities and commercial real estate. That relative underperformance, plus potential support from pent-up demand, augur well for housing. In our opinion, median income-based measures suggesting that U.S. housing is overvalued are flawed. U.S. housing is NOT a monolithic whole; it is a very heterogeneous asset class. New constructions sit next to 70-year-old homes, across a variety of sizes and price points.