When I was younger I lived in a few different cities and the usual thing to do was share the rent with others. So yes $1500/mo for an apartment may have been unaffordable, but that's an apartment with 3 rooms so find some people to share it with and you are paying $500/mo each. If you get along with said people there are other benefits too vs living on your own, so it's a win-win.
The problem I see with this In my city today is almost all new developments are smaller, being studios or 1 or 2 bedrooms. As the older housing stock is replaced, it means at sometime in the future it's not going to be possible to share as I did. Most people who have families move to the suburbs when they outgrow their apartment, so there isn't much demand for larger properties amongst people who can afford to buy them.
The problem I see with this In my city today is almost all new developments are smaller, being studios or 1 or 2 bedrooms. As the older housing stock is replaced, it means at sometime in the future it's not going to be possible to share as I did. Most people who have families move to the suburbs when they outgrow their apartment, so there isn't much demand for larger properties amongst people who can afford to buy them.