> So it does feel kind of hopeless in these large cities, even if you make a ton of money. You basically either have to accept taking a huge loss on ownership (unless you stay there for decades or get a great deal), or settle for renting.

Isn't this kind of how it should be, though? The idea that owning a house is some kind of guaranteed investment is strange to me. It's not "losing money" per se, it's "spending money" so you have a place to live.

In a healthier market I feel like owning versus renting should be a choice people can make without any obvious financial winner.

That said it seems like both owning and renting are too expensive relative to median wages in desirable areas.