@Qwls Mirror: Some people definitely overbuy. That is very foolish. If you want to fixate on a narrative about entitled young people gorging on debt in pursuit of luxury, that's your call. 

But if you're going to bring up the high rates of that time, then you should also be referencing the changes in incomes relative to real estate prices between those times. 

I am a 30-something who lives below his means in a household with two high incomes. I would trade my real estate prospects today for what they would've been then in a heartbeat. 

In today's low rate climate, it takes FAR longer to amass a down payment than it did in the past. In the past, sacrifice meant that you accumulated a larger % down payment for a house each year. The last 5-10 or so years? Depending on the market and your earnings, your growing savings may represent a smaller % down payment each year. To date, gov't policy focus in real estate has rewarded those who borrowed as much as possible as early as possible.