Originally Posted by Acrosome
To make an extreme example: Let's say you make $100,000 dollars a year, and you buy a house for $300,000. So, you owe 3x your annual income. Then, in the next year there is 200% inflation. Well, your income has tripled so now you make $300,000 a year... and still only owe $300,000 on the house (less whatever you have paid in the interim). So now you only owe 1x your annual income. Win!
The problem is that we are not actually in a period of hyperinflation. And during the period of hyperinflation interest rates also tend to skyrocket commensurately, so you have to take on the debt before that happens.
That also assumes wages keep up with inflation. They haven't for decades in the US, although there's some evidence workers currently have more leverage. Like you, though, I don't believe we're in a period of hyperinflation -- it just feels hyper after 20 years of hardly any inflation at all.
What we have is a few markets that are inflated due to long-term shortages (housing) and a lot of other ones that are temporarily seeing prices rise due to material shortages. It turns out effectively turning a bunch of economies off and then on again leads to a lot of race conditions, and a lot of industries made decisions to save money that are now biting them in the butt. The container port backlog, in particular, will resolve once the port operators and trucking companies stop arguing over who has to provide trailer chassis.