Bit of apples and oranges. State schools were nowhere near $8,000 then. The state school I attended - in 1984 - was under $500/year for tuition.
The thing that caught us by surprise when it was my son's turn was how the private schools' sticker prices (around $60,000) were way above what they actually offered: they threw quite a bit of money at my son to make it more attractive. Someone fact check, but I've heard the lowest amount of debt per student is from the Ivy League schools. Again, their sticker price is easily $60,000, but once they admit, they put out a good deal of financial assistance (grants not loans) to their students.
Now, about those hefty real estate prices. Still goes back to supply and demand, which are both real and perceived. Probably a good bet it can't go up forever (or the demand would fall off). But, they're not building any more land on the Lake.
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