Another thing to remember is that thanks to inflation 1 million today does not mean what it did even 10 years ago.Within recent memory, a $10,000 car was considered quite luxurious where that same amount to barely pays for something "good used".Today, a "ten-millionaire" would be roughly to equivalent to what a "millionaire" once was.Even to be "rich", Forbes Magazine says you need to have a gross income of $1 million a year.

Who's to say if land will rise in prices much faster than the rate of inflation?

In my opinion it's a global flight to safety that has inflated our stock market and our top housing markets.  

I am used to the Maryland/DC high cost of living, with its inflated property values.  

One day I intend to buy one to fix & flip myself, after I've built a team in that area, if the area's lucrative for me, and I see myself camping out in the house with an inflatable mattress until the project's done and rented or sold. 

Assuming this rehabber wants to purchase and flip the house they are likely inflating their estimate to get the purchase price down.

Inflation over that period was right around 3%.

that metric has inverted with housing inflation escalating significantly more than incomes.This isn't a monumental or alarming shift - just the natural ebb and flow of the market.

I understand that with years inflation will push rents higher.

The problem is that my area is currently in a BIG BOOM (oil mostly) and prices are somewhat inflated.