[ph1sch3r]

A contributing factor to housing costs I don't often see mentioned is urbanization. In the 21st century, population density has increased faster in major cities than rural areas.

The picture is probably more nuanced in the last half decade (post COVID), with many people moving to the countryside.

[mactrey]

Another factor is smaller households. People are staying single longer and waiting longer to move in with partners, creating more demand for housing even without population growth.