The Meb Faber Show · Friday, July 10, 2026
Dr. Joseph Moore explains that the historical success of real estate for average Americans was less about property appreciation and more about leveraging debt, especially when inflation was high. He uses his father's experience buying a home with a low fixed-rate mortgage during a period of rising inflation to illustrate how inflation can make leveraged debt more manageable and even profitable.
“But they were able to buy it with debt and they could leverage up an asset that would hold their value. And that was something that was transformative for most of American families' wealth.”
“So my father bought this house. He had to drive 50 miles to work every day. He had to spend three hours in his car. He slept in his car because he had to save money.”
“But what happened was inflation went up. And that's why he was able to get ahead. And that's the lesson that I think people miss about real estate.”