For many it is also tied to expectations of what they should be able to afford that are born out of what they saw their parents afford and what they grew up in.

For many it is also tied to expectations of what they should be able to afford that are born out of what they saw their parents afford and what they grew up in. If you grew up in a modest but well-kept house in a decent neighborhood, that is your baseline. If you then go on to reach some level of success in your career such that you are roughly on par or exceeding your parents income, your expectation naturally is that you should be able to afford something similar or better. Unfortunately the market dynamics have completely shifted since parents bought, and so people are having to take a really harsh look at the reality of their past expectations and how they align with their current reality. It often means paying way more than they ever wanted or thought was necessary to buy something way crappier.