While housing is extremely over priced right now, it is also important to note that a "standard home" has changed ALOT.
My Grandparents raised 4 children in a 2 bedroom 1 bath 900 square foot home, which was a "standard home" in the 40/50's
Today the standard home is 2x the size with more bathrooms, and larger lots. This is a source of alot of the problems as well. When developers build a subdivision they are not building small homes, they are building 4 bedroom, 3 bath, 2,000 square foot homes
To add to this: larger houses and plots hav the knock on effect of making under street piping need to be x3 or even x4 times longer to span the frontage, and have more complex outputs, and be larger with higher pressures - same but inverse for waste lines and their inputs.
Same for electric lines, and those lines have to carry _way_ more power. And Internet cabling, and road surface standards are higher, blah blah forever.
Size and modernity makes this not scale so linearly
The debt of modern development is higher than the debt of the previous cycles.
Home sizes in Paris haven’t changed much over the past 50 years.
Yet, prices have exploded. Heck, they’ve skyrocketed. For the exact same thing. Only a bit older.
New apartments, no bigger but built in the suburbs, far from the subway (and not close to the regional trains) cost the same as the old ones of the same size did in Paris 10 years ago (and they were already priced crazily).
With the same numbers of bathrooms but no job that could enable one to afford such a place less than 45 minutes away.
The 2.000sqft 3 bathrooms home with a lawn appears to be a very American thing.
All of that is true, my comment was based on US Housing trends as the context of this discussion is around the American Suburb.
Other nations have other issue, largely that they are locked in with limited amounts of land that can be repurposed for housing, thus this supply restraint is some of the cause of the price increases there. For example the nation of France is SMALLER in land area than the State of Texas yet has over 2x the number of people occupying that smaller land area
The US has TONS of underused land that is continually being developed for new suburban housing additions
My Grandparents raised 4 children in a 2 bedroom 1 bath 900 square foot home, which was a "standard home" in the 40/50's
Today the standard home is 2x the size with more bathrooms, and larger lots. This is a source of alot of the problems as well. When developers build a subdivision they are not building small homes, they are building 4 bedroom, 3 bath, 2,000 square foot homes
Overall The World Is Becoming a Better Place [1]
https://www.youtube.com/watch?v=4J5s6aZCPSg