It used to be possible for a younger person or couple to rent a low end apartment or small home and put money away for a down-payment on a house. At this point, there really aren't any "low end" apartments or small homes to be had. They've all been bought up by the Blackrocks or other mega-property management companies who charge confiscatory rates for even a small 1 or 2 bedroom apartments. Throw in the Biden grocery and utility bills and a young family's only viable option for saving any money is going to be moving back in with mom or dad.
They’ve also been bought by ordinary middle-aged and older people who can’t afford to refinance.