This is very true, and it's happened essentially in one generation, specifically with home prices. I just read an article about this that referenced the median U.S. income vs. the average home price. In 2000, when DH and I bought our first home in our early 30s, the ration was 4.24....meaning, the average home in America was 4.24 times the median income. Then it climbed pretty steeply to the peak of the housing bubble at 6.82. Then the bust and back down into the high 4's for a period of time.
Now...it's it's 7.26 times the median income! Average household income is around 70K. Average home price 495K.
https://www.longtermtrends.net/home-price-median-annual-income-ratio/
I think back to our first purchase...back then, in 2000, first house was 440K (in NJ)....and our income was right around 210-220K at that time. There is *no* way I would have felt comfortable purchasing that price of a home on a 70K household income. I can understand why younger people feel priced out.