This is also very much a regional issue. Try renting an apartment in greater Boston where I live as a young person right out of college....it’s brutal. 3k a month in a good neighborhood is not uncommon. I expect it’s a lot easier for a young person to go out on their own in the mid-west, or some southern cities where the COLA is more reasonable.
Agree on the regional issue. My daughter and son-in-law live with us. They have a 3 1/2 year old and a newborn. S-i-L works full time and is going to school to get his electrician’s license. Daughter now stays at home with the kids, and will home-school. They are saving to be able to buy a modest home, but we are in a “collar” suburb of Philly and also a “bedroom” community for NY commuters. Rents are insane, buying a house is even more so! Choices are pretty much McMansions at half-a-mill., poorly-built & shoved together townhouses or older “fixer-uppers” that will cost minimum 50K to be livable.
They were renting in an area that is going downhill fast ad getting very scary. When baby #1 was on the way, we asked them if they wanted to move in. We have separate areas in the house, and it’s been working out fine. And I get to see 2 of my grand-babies everyday, LOVE that!