Another thing to consider is that many homeowners have owned their homes for a long time. They don't care if their house drops in value or the market stinks. They can just hold for longer. They bought their homes for 50% or less of their current value.
This isn't like the 80s crash, where you had a huge swath of 20 something baby boomers who'd leveraged themselves to buy houses with a fixed income.
A large portion of the young people who did recently buy houses did so with help from their parents. If push comes to shove their parents will give them $2k per month to make ends meet.
There is no affordability as long as the shortage continues and empty nesters continue to hold their houses.
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