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It seems, simply put, that more people are choosing to live alone in this market. If that holds true, then it could explain the large surge in demand in recent years. Perhaps it's not that the market lacks enough housing for people, it's that the market lacks enough housing for the number of people who wish to live alone.

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For reference, 16.7% of adults aged 18-25 and 55.1% of adults ages 25-34 are living with a spouse or other partner as of 2018, down from 39.3% and 81.7% respectively in 1970. By my math that alone is responsible for an increase in demand of close to 10 million housing units. https://www.census.gov/library/stories/2018/11/cohabitation-...

Of course, young adults living with roommates or parents have absorbed some of that difference, but I'm sure many of those people would live alone if housing prices were still at 1970 levels.

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