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To be honest, I'm not sure we have actually seen a concentration of wealth in housing. The homeownership rate is almost at the highest point in history (it definitely was in 2008), which means that said wealth is spread thinner than ever. Further, construction of homes is still quite accessible to small business, so we haven't even seen concentration of wealth into construction to see lowering prices there.

We might even go as far as to say housing perfectly demonstrates what happens when you don't get the trickle down effect. Granted, those rising housing prices are not all bad as you can make money from the gains on the property and the construction of. This is the system you want to have everywhere, right?

But housing is also interesting because people have changed where they want to live. In the 1940s, ~50% of the population lived in the middle of nowhere. Today, ~20%. Now, people are willingly taking the $100/month they saved on food (just to stick with the example) and are applying it to the rent in the big city so that they can have the opportunity to live there. If they were happy with 1940s-style living, and opted for a home in the middle of nowhere, they would be able to retain that $100/month and capture wealth with it. Like the smartphone, this is consumer choice to give up the wealth to get more (to live in the city).

As far as healthcare goes, I'm inclined to agree that wealth has been more apt to concentrated there. But like people choosing to pay more to be in the city, people are choosing to pay more to have state of the art healthcare. Would you really want to go back to 1940s style healthcare at a lower cost? I'm not convinced I would, even if it helps my balance sheet. The gains are still there, but utilized instead of being stashed away into wealth.