[PragmaticPulp]

The cost of living increases are heavily driven by housing prices, which they’ve already locked in for themselves.

Unless unemployment spikes dramatically (the opposite of what’s been happening) and they lose their jobs and they bought homes on the ragged edge of what they could pay monthly, this is unlikely to be an issue.

[Spooky23]

There's a delicate balance... if interest rates rise to control inflation, prices will drop and the 2008 crisis demonstrated that many will just walk away from their homes, which triggers another round of price drops.