"...but in the early 2000s, it was very common for people to view homeownership as some sort of magic escalator to riches - one would buy a home, then basically be guaranteed to resell it for significantly more later, and the gains would be used to buy a more expensive home..."

I'm not so sure that perception has changed. Sure, the magic escalator might be moving slower, but most people buy believing values are guaranteed to go up. Likely. But once you factor in the true total cost of the mortgage, taxes, repairs, etc. The profits are slim.

Kids might be a justification for home ownership. But most other favor the Homeownership Industrial Complex, as well as gov. Let's not forget Big Inc who love it when you're locked into a mortage.