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Perhaps because your state legislature has not yet woken up to current housing reality?

My state's legislature recently overrode local zoning laws to force acceptance of ADUs and duplexes in all areas zoned SFR-only. Numerous people afraid of 'those people' don't like it, but can no longer stop it.

 

Townhomes get built around here. They don't see much cheaper than single homes.

It's what friend of my wife did.

 

They've started building multi-family homes with government funding. I'm not sure if it's a state thing or a local thing. But it's just getting started. There were some 20 or so homes built, but now have plans of doing entire subdivisions. 600 homes out East of town are scheduled to be built within the next few years. The problem is even them are a bit too expensive. I think I said $200,000 earlier, I meant $300,000 each, for a 2 bedroom condo. And that's with incentives and restricted deed! No down payment though.

 

Plenty of private funding here jumping on the ADU and duplex bandwagons. In certain denser zones, triplexes too.

 

These here are triplexes and quintaplexes mostly.

 

You've lived through a period of constant growth. Ahead lies a period where there just won't be as many people hitting "house-buying age" as there are hitting "cemetery plot buying age."

There will be too many houses overall. Obviously some will be in desirable areas and they won't see much reduction in demand or price. But there will also be entire zip-codes where everyone just walks away and nobody wants to pay to deal with what's left.

It's going to be pretty rough for the ones who don't want to just walk away, but can't afford to move anywhere stable because they had all their wealth locked up in their homes.