While Rob and some posters make good arguments for each side of this debate, one very significant variable has been left out..... wage inflation.

There has been very little news worthy wage inflation in the past decade or more, but it will come.

Some comments have been made about what baby boomers did or didn't do to become homeowners but wage inflation was a major player in this story. My first home mortgage required more than 50% of my net income. It was, a times, at  struggle and it was a tiny, tiny property. But it was also the late 70's and my income increased significantly over the next few years and soon I had some breathing room.
 
Buying a first home has never been real easy. Nor should it.

While Rob and others argue that things are different this time. I am not so sure.

Young people should not be encouraged to give up on the idea of home ownership even though it may seem very difficult through today's lense.