OK, so returns from 1870 to 2015 are same for housing and stocks. Which again proves that there's nothing morally wrong about housing prices, if these investments are replaceable, one can always invest in stocks to save up to buy housing (at least on average, that is).
On the contrary, housing shouldn't appreciate. It's bad for the economy as a whole, and especially for young people, for homes to be an appreciating asset. Housing should be a commodity, not an investment.
