"Are we experiencing another housing bubble? ...The risks facing households, the financial system and the economy appear less serious now than they were in 2006. Most importantly, homeowners today have greater home equity and less mortgage debt, on average, than they did then. But the elevated level of the house price-to-rent ratio surely merits caution and further study. "
https://www.stlouisfed.org/on-the-economy/2021/may/housing-prices-surpass-bubble-peak-measure-value