Renters are ecstatic as price of commodities are plummeting as house prices go up and up: “distracting myself has never been this cheap”, Anon. says.

People think they can do one-sentence quips to describe how economies work.

This chart tells the story pretty well: to get it down to a quip "some things we want got a lot cheaper, things we need got a lot more expensive"

https://www.aei.org/carpe-diem/chart-of-the-day-or-century-3

The story of this decade is that people think the economy is terrible despite the usual metrics like unemployment and inflation being not too bad. One explanation is that before 2008 young people could get on the housing ladder but we quit building single family houses and it got harder to get a mortgage -- you see cranes in the air in many towns and sometimes 5-over-1s going for miles in some places like the DC suburbs.

Housing is supply constrained and not tied to labor costs in a significant way. It largely is tied to the price of land in it's location. It's not going to get noticeably cheaper with cheaper labor and materials. Although, I can tell you that the products that one uses in a home have gotten cheaper (fixtures, flooring, etc) with a few exceptions, copper wiring and pipes for instance.

Housing doesn't really fit into the conversation at hand about cheaper labor leading to lower prices.

Something interesting that touches on both of these topics (housing and product cost) is that, if you look at how much of household income is spent on housing and food combined, they stay fairly constant. As commodity goods get cheaper and cheaper, more money is spent on the inelastic and luxury goods.