I refuse to believe there was nothing more affordable. I do believe they were not prepared to live with less.
I think there was probably something more affordable.
For example, in this ridiculous Seattle market, I pay $1,600 a month for a home appraised at just under $500k. I rent.
It is a nice place and I keep it nice. And let's be frank. Nobody owns real estate in the US. You rent it from the government.
I save LOTS of money every month and live in a nice place - all while real estate is most definitely hitting the crest of a very pointy bell curve. Maybe I'll buy something on the ride down the other side.