Historically, there is a rent to price gap from period to period. The lag time may be 5-7 years. But eventually, the rent will catch up and get close to home price (mortgage payment), then a new cycle of home price increase will start...

Do you understand now? It's like catch and run. The home price run first, then slow down to allow rent to catch up. When rent get close, the home price start running again, then the rent will again catch up... the cycle has been going on like this for 70 years, with no end in sight.