text:  It will also depend on which measure of rent you use. And you can use measures of rent that look pretty high. It is expensive to rent right now, and you could make a case that, well, rents are going to be going up even more in the future. So maybe that justifies having higher housing prices today. Because if you buy a house, you protect yourself from those higher rents in the future. But it's still hard to come up with a rent measure that really justifies how high prices are today.