I don't know if this is a problem? I am perfectly happy focusing on my career and my hobbies and not worrying about home repairs, insurance, taxes, natural disasters, etc.

It is more financially and emotionally rewarding for me to prep leetcode, solve software problems, etc. than it is to deal with home renovations, plumbing repair, etc. on a home.

Plus the flexibility of location is huge. I can follow the job market much easier if I am not locked into an address.

Not everyone has the same goals or mobility as you. What you described is especially tough for families with kids.

the mobility will be less valuable, but I'd imagine if I had children, renting would give me more time to spend with them since I won't have to maintain a home.

Of course it is, Millennials are as young as 25 this year. Its doubtful many can afford a house just a few years out of college (and even more doubtful if they didnt go to college). Even those that can may not be ready to settle down and commit to such a large purchase.

Yeah, but it's still also lower then it was for the older generations when they were at the same age.

Older generations also went to college less frequently, so had less student debt and were able to start buying houses sooner.

citation?

Older generations consumed resources at far higher than sustainable rates. I don't think older generations is an acceptable benchmark.