[superuser2]

>Housing can still serve as something of an inter-generational value transfer

Except inheritance comes when you need it least: late middle age, when the house is already paid off or close and there's little time for savings to compound before retirement.

Paying for (most of) your children's education is a much more effective form of inter-generational value transfer: it comes at the time young adults face the greatest expenses relative to their earning power, and lets them reap the benefits of a high-end career without excessive debt (so they can actually build wealth).

[ghaff]

I don't disagree with any of that. At least given full healthy lives and reasonably successful careers, inherited money from parents is often going to come after it would have the greatest impact.

But if housing is treated as a more disposable asset (which is presumably less efficient in many cases than updating and remodeling) the cost of that decreased efficiency comes from somewhere. Perhaps from a grandchild's college fund.