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The current situation benefits the people who already own houses. Mine is worth far more than I paid for it. I also have a rental property that is worth much more than I paid for it. If I decide to move, I will still have the same equity.
People younger than I have higher salaries than I did at the same point in their careers. They can afford houses, too.

But expectations have changed. My parents thought 3BR1BA was fine. I am happy with 4BR2BA2PR. Younger people seem to want either more BRs and BAs or to be closer to city centers (or maybe both).
We're a rich society. When is enough enough?

All I actually want is a dramatic, sweeping ocean view, even with 2br 1ba. And something not in an identikit subdivision. I don't want to be bored to death with my house, even if it is overlooking the dramatic view(*).

Unfortunately, even that modest, humble need is pretty darn expensive nowadays. Like $650,000 expensive, if you're lucky, $850,000 if you're not. If you can even find one.

What I really need to do is increase my earning power. (I'm working on it, honest!) Or wait until the crash.

(*) Surprisingly, the identikit subdivision is not only boring, it's expensive. The general market obviously doesn't agree with my love of 1920-1950 "character" homes or sophisticated architect-designed contemporaries. See ArchitectureForSale for cool houses.