Because the United States imposes a property tax, Americans do not speculate in real estate. The area of the United States is about the same as that of China, but the population of the United States is less than a quarter of that of China. A large part of China is located in the northwest, so it is not suitable for living in cold areas or places with severe drought. In contrast, the United States is bordered by a sparsely populated free immigrant country in the north, the Pacific Ocean in the west and the Atlantic Ocean in the east. Most of the land is suitable for settlement. Generally speaking, the United States has a vast territory, a sparse population and a relatively adequate supply of real estate. Therefore, the scarcity of land and the relationship between supply and demand of real estate directly determine the level of land price and house price.

In the post-industrial revolution era, the urbanization process in the United States ended. As far as China is concerned, we are in an era of rapid industrialization and accelerated urbanization. The increase in demand for industrial land and urbanization land is the most direct reason for the rise in land prices and housing prices. If industrialization and urbanization continue, the speculative demand for real estate will not end, and land prices and house prices will continue to rise. In the early 1970s, western developed countries headed by the United States began to enter the post-industrial era. With the end of industrialization, the process of population urbanization is also completed. Since then, the demand for land by industrialization and urbanization has basically disappeared, and land prices and house prices have entered a new era of relative stability and balance.

American investment channels are diversified, and rational investment is more fashionable. In China, not only the investment channels are single, but also the investment market is narrow, so investors have no choice but to speculate in real estate. Of course, speculators can also fry medicine, tea and vegetables. In short, without enough investment, there must be more speculation. Once everything is impossible to speculate, it will become everything. On the contrary, the American investment market is not only huge, but also mature. It has not only the largest spot market (stocks, bonds and funds), but also the largest derivatives market (futures, options and forward contracts). No matter from the perspective of investment channels or market capacity, it can meet all kinds of investment and speculation needs of global investors.