Well in London, I know people mainly in the minimum wage workers and some immigrants from across Europe even end up sharing rooms in a house.   So in effect people do buy into fractions of a house, instead of having their 'own place' they have somewhere to sleep only for 8 hours out of 24 in the day.   1 room out of 4 in a house for 1/3 of the day is someone living in 0.0825 of a house sadly.  

London is a great example of a constricted market, very limited land and increasing demand, population growth.   Price rises are related to government policy which subsidies housing and gives tax benefits.   Bonds are in a bubble and allow this

Tokyo residential prices have fallen from quadruple London prices in 1990 to just one quarter now of London houses prices in 2014.    Is that a bubble or a result of Japans population failing.   The YEN and government Bond pricing is related to that, we also know Japan holds 1 trillion in US treasury debt and now is greatly involved in Bitcoin.
     I see all of crypto as being related to these larger problem economies and I dont think we are the weak spot in the bigger picture at all.   Which means a higher or at least stable BTC price is a reasonable prospect by long term factors

China also has a falling working population believe it not.  They have labour cost inflation, as a big exporter I think that also knocks onto world inflation and the value of currencies.