Other than short term fluctuations, real estate values only go down in areas that have obvious economic flaws. If one chooses to live in such a place or buys property at the top of an inflated bubble, then the cost vs. benefits of a mortgage are the least of their concerns.
My income has gone up every year since I turned 16, and it’s grown by an average rate of 7.3% over the past 25 years through promotions and finding higher paying employers working in the public sector. My younger brother is a software engineer whose income has gone up every year by double digit percentages. My older brother is an airline pilot whose income has gone up every year at a higher rate than mine has. These are anecdotal so let me give data:
Average wages for every worker in the US have gone up faster than inflation. https://www.ssa.gov/oact/cola/awidevelop.html
If one is an average worker, then the average wage increase they receive every year is about 3%, the average mortgage interest rate after taxes runs about 3%, so there is zero penalty to buy a house of constant value using a mortgage.
If you factor in the savings on rent (which has been increasing faster than inflation), then a mortgage becomes a much better deal. If the home then ends up appreciating at the conservative rate of inflation only it becomes an almost unbeatable deal. If you buy a house in a rapidly developing area, then it becomes a screaming deal. http://observationsandnotes.blogspot.com/2011/06/us-housing-prices-since-1900.html
My house has gone up only 63% in value since I bought it in 2002. My mortgage payment including principal is now less than what I would pay to rent the exact same house in my neighborhood.
By the way helicopters depreciate in value and upkeep costs grow over time, a perfect example of a poor piece of property to purchase on credit.
Then there’s the underwater mortgage...where you simply walk away.
Huh?