Yes, low interest rates and stagnating wages make a difference, but so does consumerism. The last is necessary to explain why people want stuff that isn't necessary and that they can't afford. The elderly 94 year old lady next door lived in the same 700 sq foot bungalow for 55 years and raised five children there after moving in from a farm---and her late husband was a very big guy. My wife and I have lived in the same 1600 sq foot  2 story house for 30 years and raised three children.   No monster  bathrooms there but foreign visitors have thought our house was enormous.