Once you step out of a small number of markets, the price problem goes away. I live in a well sized metro in the midwest, and I've worked, from here, for companies you've heard about. 4 bedrooms in my street, sitting on half an acre and a decent school district, are $250k. A 1 bedroom apartment would be under a thousand a month to rent, and that's a modern building with good appliances, a gym, a pool and gigabit internet. A single person in tech, right out of school, can easily save enough to get a mortgage in their first year working.
So yes, your situation is very real, but if there was less pressure to be in Seattle, NY or SF, the housing problems would melt.
A decade ago, Seattle was cheap. You could get 4/5 BR homes in Kirkland for $400K. I just checked, and those homes are going for $1.2M now. Similarly, one of my former Google coworkers moved out to the Boulder office. When I'd checked on Boulder in the late 00s, you could get nice homes for $250-300K. He paid about $850K.
Wherever you have highly paid tech workers, you will have highly paid tech workers bidding up houses. You just have to get ahead of them, and buy where the FAANG offices are just being constructed rather than wait until you work there. True remote work (where you could dial in from anywhere, not just a city near an office) would fix this, but that's not really what's being offered these days, and when it is the salaries are more inline with what people make in the Midwest than what they make in Silicon Valley.
This is why I don't live in the Bay Area, and have no plans to. I was casually surfing Trulia, and found new construction in my area starting at $170k for a 3 bed/2 bathroom. The idea of paying that much for an apartment(!) is simply foreign to me.
Most of the country is very affordable, but I guess they don’t have advertising tech companies saving the world so it’s not as desirable.
And it's why I asked. At least my mental picture of Japan has most people living in very small (by American standards) apartments. That might not be accurate, based on other comments - with many people commuting 2+ hours each direction (which seems completely bonkers to me). Either way, the average size of a home in Japan is smaller than the US (though I have no idea how it compares to Europe).
I miss the weather, but we're so much better off financially. Plus we bought a 2,400 sqft home with 3/4 acre in an amazing area for $300k. I have a huge home office, and two extra bedrooms. I don't need this much land, but to be anywhere near this comfortable in Silicon Valley would be years off and would require several things to work out perfectly.
Most people my age who have purchased a home got significant help from their parents.
20% down payment isn't a myth; if you don't put 20% down (and don't have some special situation like a VA loan) you have to pay for private mortgage insurance which can be hundreds per month, as you're buying the lender insurance against the possibility of you defaulting on your loan.
Even with PMI I am still paying less than living in the same apartment year over year.
Commute in from a small investment home/condo to let equity + appreciation get you into the home you want a few years down the road. Even in my starter, I got twice the sqft for the same monthly as my not-very-close apt.
I make the equivalent of 100k USD in a tier 2 city in Scotland (a single income that is, not a couple combined). It's not outlandish for senior roles across much of the UK (with "normal" companies, not FAANG).
100k is attainable even in the middle of nowhere in the USA, but you'd probably be better off working remotely for someone for 120k+
Looking at https://www.census.gov/data/tables/time-series/demo/income-p... (the "Married-Couple Families" section), the first data set ("All Races"), the numbers I see for median household income, by age, are:
25-29: $76.5k 30-34: $92k
30-34 is stretching the definitions of a "young couple", of course. I'd love numbers for 20-25, but this data set lumps in 15-24 all together, though the set of married couples under 20 is presumably pretty small.
$76k is still not $100k, of course.
Update: (Not modern but im a fan anyway. https://www.redfin.com/WA/Bothell/15601-Cascadian-Way-98012/...
Edit: also a home like that would probably have been like 450k just 4yrs ago. Prices have skyrocketed around here
> > 600k
Speaking of skyrocketing, GP's link says 700k for me.