With the birth rate dipping, I'm wondering if this will self-correct when the baby boomer generation dies off and there is a larger supply of housing per capita.
eg: living in fancy inherited house with no mortgage but way out of your price range based on income. The "real" cost of the house then isn't what it's worth but what your taxes come out to be...
Someone with a house they pay low taxes on but is worth several millions is unlikely to sell so housing prices will keep shooting up and exclude many people who simply weren't lucky enough to be born to richer parents.