I don't think they see it as 'above their means' though.  If I can borrow a bunch of money to buy a home at today's price, write the loan interest amount off against my income tax and have a (typically) more valuable home in the future then it's an investment.  As long as I can make the payments each month, I'm not really living beyond my means.  I just need to make sure I don't have to pay more in loan payments than I can bring in through my work.  How can it be considered wiser to rent from an individual owner as opposed to 'renting' from the bank - you'd be obliged to either one and both could theoretically kick you out for non-payment.  Covid-19 was a once (maybe twice) in a lifetime event that likely couldn't have been factored into your investment decisions (at least not easily).  
 
 Also, consumer spending accounts for 70% of the US GDP - it's a powerful engine that requires a lot of fuel