[badwolf]

#5 is probably the biggest reason, and the main driver for the previous 4. (housing is too damn expensive)

[smcin]

Wasn't there some HN post on rule-of-thumb from 1980s Japan about some threshold % of GDP activity or disposable income for first-time homebuyers or starter home cost in terms of years-of-salary that determines when housing market starts damaging or restricting an economy?

(I can't remember the criterion otherwise I'd search it here)