This isn’t just an economic issue; it is largely cultural. What reason do the increasing number of childless American adults have to purchase a home? Here in NJ you’d immediately be on the hook for about $10K in property taxes, 75% of which are local school taxes. Also, snowflakes (and former snowflakes) have little interest in maintaining a property.
Most are content to rent an apartment if they can have pets; they pay much less for the local schools, which are filled with the children of the foreigners trafficked here to buy homes...
If you rent, you are still paying property taxes and school taxes -it is baked into your rent payment.
Renters are paying for local property taxes too, only indirectly.
And it is criminal how costly local taxes are for wasteful public school spending—in part because those with children vote up the spending, since they see it as a subsidy for themselves.
If only we’d get to more non-parent voters to keep a lid on it!