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In this episode of the Paper Trail podcast, Chris Seveney, CEO of 7e Investments, breaks down a long-term historical comparison of renting versus owning from 1970 through 2026 and explains why today’s cost imbalance matters for mortgage note investors.

Rather than focusing on headlines, Chris walks through decades of data to show how housing costs and rent tend to revert toward historical norms after periods of distortion. The core message is simple: real estate moves in cycles, and disciplined investors position themselves accordingly.

00:00 Buying vs Renting

00:50 Reading the Rent vs Own Chart

01:43 1980s Interest Rate Shock

03:50 Rents Rise and 1998 Crossover

05:09 2000s Bubble and Crash

06:43 Inventory Problem Not Homes

08:28 2012 Recovery to Pre Covid Balance

09:46 Covid Era Price Surge

11:39 Why Buying Makes No Sense Now

14:04 What It Means for Note Investors

16:47 Case Study Smokies Reality Check

19:27 Crystal Ball and Final Caution

20:44 Wrap Up