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Top 1% of income for a 30 year old (in the USA, in 2016) is, per this calculator, $188,000.

In overwhelmingly most parts of the country, that's plenty of money to own a house and support a family.

The people earning that much are (very) disproportionately distributed in those areas which are also the least affordable.

That's what the market in those locations will bear. Rich people, high prices. It's no different than a tourism economy.

Generation isn't the same as age. Being 30 means I'm part of the "millennial" generation which only takes $106,500 to be in the top 1%.