We went through this in the 70’s.
No, you didn’t. Check your Math.
Here are the numbers:
https://www.longtermtrends.net/home-price-median-annual-income-ratio/
In the 1970s home prices averaged four times median household income.
Today they are seven times median household income.
That is the total price to purchase.
Interest rates were higher in the 1970s so that made mortgage payments somewhat more comparable depending on the size and terms of the mortgage.
Not nearly as bad and those of us who lived through it still saw a decent future ahead of us. Relative to what’s happening now, one could say that future actually came true. Not so much this time for anyone looking 40-50 years out.