"So you take on debt and spend dozens of years paying off the debt,"
That's because today most people will never earn enough money in their youth to buy a house, or at least pay most part of it.
50-60 years ago, it was possible. Most wages stagnated (or even reduced) while people well kept alive telling them they could make debts to buy a house or study - just cost soared while wages didn't.
The real estate business became so lucrative exactly because it was so profitable to lend to buy a house even if the buyer would default soon, thanks to prices keep on increasing, which in turn required higher debts to be made.But for greed people, it was clear the system wasn't sustainable, and eventually it crumbled - and you can easily sell an house if it's a pure investment, not if it's were you're living in (your heirs could be happy, though).
While many people have to mortgage the house again to pay for studies, healthcare, or other needs - a never ending debt nightmare created so only a few really profit from.
Debt to start what should a profitable investment, and which could get repaid quickly is a smart move. Long term debts which can never be repaid, are just a hangman's knot
My bet is there will be another debt crisis in 10-15 years, maybe less.
Biting the hand that feeds IT
