It might be common-sense.....................

.......................................................but I never looked at this way:

A homeowner is both landlord and tenant in her own property.  A rise in house prices increases the wealth of the homeowner as landlord but increases the implicit rent paid by the owner-occupier as tenant.  That is an economist's way of expressing the common-sense observation that a rise in the price of a home that you own does not mean that you will now be able to afford a new car or expensive holidays.

-Mervyn King,  The End of Alchemy:  Money, Banking, and the Future of the Global Economy