You guys are reading too many 'debt and end of the world/capitalism' bedtime stories.
To put into perspective:
US $21 trillions debt isn't even the highest ever debt.
US had 120%+ debt to gdp compared to 100%+ debt now.
It paid it off by standard fiscal policy of negative real interest rate (inflation is higher then interest rate repayments) thus inflation removes interest repayments and eats away debt.
It took couple of decades to bring the debt down the 30% of GDP.
Older felles here will remember skyrocketing house prices and 15, 18% interest rates which are result of such fiscal policy in 70's.
USA only had few years of small budget surpluses in that time and was still borrowing money effectively while debt was being repaid.
And that answers your question for probability of house being worth $3million and interest rates going up ever again.
Magic
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