It's almost like when you create a system which syphons wealth from the low and middle classes, then those folks can't keep buying your products without going into debt.
There is a lack of inventory for "first time homebuyers" locally- gone are the 1200-1400 sq ft "starter home" that has relatively benign interior fixtures/accents ( carpet, corian/formica countertops etc etc ) that sold for $150,000-$200,000, replaced by a GLUT of 1800-2200 sq ft homes with custom showers/baths, hardwood floors, stainless steel appliances, built in surround sound, etc etc that go for $280,000-400,000.
Thats what an emerging young adult is faced with- strap yourself ( even if you can qualify ) with a house note that is beyond your means or dont own. Meanwhile you are renting at $1100-1400/mo, building ZERO wealth because thats pretty much all you can afford, yet cannot save.
Whereas 24 years ago, that $1400/mo rent was actually my house note on our first home, 1320 sq ft for $155,000 @ 5.25% interest. I was building equity. Not tossing it away to some apartment complex.
Those starter homes dont make the profit margin the custom 2000 sw ft home does, so builders got away from them.