My Daughter-in-law just had their house sold out from under them and they had a heck of a time finding another house to rent since they need a BIG house (bunch of people there). They finally found one for $2700/month. Per Month. And you have to sign a year long lease. That's over double our mortgage and they get nothing to show for it, like paying off a house does. Lousy credit has killed her and prevents her from buying.
Cripes! I just found out my rent has gone up another $75 per month. I want to move but it looks like there's no place to move to. I've made initial inquiries about getting pre-approved for a mortgage, but there's no houses really to be had either. I guess for now I'm stuck here, but if I can get pre-approved for a mortgage, I can snap up something when it comes available.
Real estate is a mess. We've been trying to find a smaller house, one-story, nothing under a million bucks--and those are fixer-uppers. And no inventory at all as of late.

I have two young children, just starting their adult lives--I have no idea how they will ever be able to buy a house in SoCal.