[mrep]

> Meanwhile real estate prices are rising fast (in desirable parts of the country)

Mainly just the west coast and that's because their cities are built in valleys with a fixed amount of land, restrictive zoning on said land causing a fixed amount of housing and thus the bidding up housing prices.

For the rest of the country, inflation adjusted price per square foot hasn't really changed [0].

> the stock market has been on an epic bull run. It's obvious that the inflation is in the asset prices.

Inflation adjusted Annualized S&P 500 Returns with Dividends Reinvested for the past 15 years are 6.738% versus 7.690% for the 15 years before that [1]. Albeit, if you just started in 2009, it has been quite epic considering it was the longest bull run in US history.

[0]: https://www.supermoney.com/inflation-adjusted-home-prices/

[1]: https://dqydj.com/sp-500-return-calculator/