The housing issue is only getting worse as well.
Supply is certainly screwed and interest rates have jacked up to the moon in lockstep with the Fed’s rate hikes and wild government spending jacking the 10 year yield on govt debt to 4.83% ( mortgage rates are usually 2.5_% or so above the 10 year yield )
Renters aren’t fairing much better .
It’s sort of comical that *House prices and rent had a multi decade relationship / ratio to income * and then in 2005 or so it got unhinged (Thanks to Wall Street mortgage securitization bonanza , the federal reserve buying mortgage backed securities for the better part of a decade after the 2008 housing crash into after Covid hit And it kept getting wider and wider and I believe peaked in early 2022, it hasn’t been able to come down bc new housing supply is so low, nobody wants to sell their home where they are locked in at 3% , institutions buy up substantial supply At premium prices , And lastly unemployment is so low that there are few distressed sellers and now affordability is at record lows bc interest rates went from 3 to 7% and mortgage payments are thus up another 25-30% due to the magic of interest .