I'm not so sure.

I would suspect that most of the money inflating the stock market, is coming from the people who have most of the money, ie, not Proles.

I would suspect that fewer Proles would be buying houses now, due to the housing industry "going upmarket", which seems to be a trend across USian industries, combined with 5 figure student loans that we boomers didn't have because higher education was better funded 50 years ago.

To the point about the increase in exposure to investment accounts, would that be due to years of Fed rate suppression that makes it impossible to keep up, using bank deposits? Or would that be the impact of "automatic 401k enrollment" being made explicitly legal, and new hires too intimidated by their boss to say "no"?

So a lower rate of home buying by lower income people could be a combination of their income already tapped for student loan payments, their income already tapped for 401k "contributions", and no-one wanting to build a house that they could have afforded, even if their income was not being depleted by student loan and forced retirement fund payments.

Steve