Know what else has risen since the 70s? Average age people get married. By nearly a decade.One good measure is home ownership. Median age of a first time home buyer has increased over time since the 70s. But not only that, the house price to income ratio in 1970 was 1.7. It is currently at around 3. So people on average are now older when they are able to purchase their home and also have to finance a much larger portion of their home price.
Lots of people are making different choices in what they want to do with their lives, and marriage and home ownership (both signs of prioritizing stability over independence) has been a choice that’s been delayed for a lot of people.
Prices are rising because the growth of housing inventory isn’t keeping up with the growth of demand. Especially in places like California, where getting a new housing development approved has proven to be far too difficult.
But please don’t pretend that societal priorities and behaviors haven’t changed drastically since the 70s.