I live in SoCal, and in the 20ish years I've lived here, it's gone from "Reasonable rent, but you can only afford to buy if you're a professional who's saved up for several years" to "Horribly expensive rent and you can only afford to buy if you are independently wealthy" I bought during the transition to this state, and made (on paper at least) almost as much money on housing appreciation in the past 10 years as I did from my software-developer job. It should be obvious that houses can't go up an average of 6-figures per year indefinitely. If I had rented for about 5 years longer, I would have been priced out.