a friend showed me their budget recently, and about 45 hours of their wages go to rent each month (for a single room in a house with roommates). That seems very high to me, and their rent is considered "low" in their area (a small suburb)
I imagine they're in a high cost of living area, where tons of other people want to live. If that's the case, it probably shouldn't be any surprise that in a supply restricted market, the prices are also very high.
*edit: they're not in a _high_ cost living area, but it's not cheap either.