Is the arrow of causality that way, though?

I'm at the traditional "first-time-homebuyer" age, and I'm personally saving a fair portion of my income primarily because assets, such as houses, are so expensive. Were housing cheaper, I'd be paying a mortgage instead of a saving account.

(And, I'd argue, sending longer doing so too due low interest rates.)

It includes home purchases, so that would not be a factor.

As per the earlier link:

> Personal saving is equal to personal income less personal outlays and personal taxes; it may generally be viewed as the portion of personal income that is used either to provide funds to capital markets or to invest in real assets such as residences.(https://www.bea.gov/national/pdf/all-chapters.pdf)

Looking at both, it looks like the gradual decline in the savings rate since the early 1980s correlates with a gradual decline in inflation from that time: https://www.macrotrends.net/countries/USA/united-states/infl...