”From the perspective of household welfare, house prices appreciation does not lead to welfare improvement for all households. Young homeowners expect to upgrade their housing services as their income increases and their families expand. A positive housing price shock, therefore, incurs net welfare losses for them, since the rise in the value of their existing homes is not large enough to compensate them for the rise in their lifetime housing costs. House price appreciation also lower a renter’s lifetime welfare, since he suffers from higher cost in acquiring housing services and yet does not receive any housing wealth gains. Only old homeowners receive net welfare gains.”

Wenli Li og Rui Yao (2006) “The Life-Cycle effects of house price changes.”