According to a study by Zillow high housing costs have put a serious crimp in household formation:
The housing recovery has come with some tough financial realities for renters. The bottom line: Rent is less affordable than ever, and incomes aren’t keeping up. New Zillow research looks at the way that phenomenon has changed the housing landscape across the country, and the numbers are striking: So many Americans have moved in together to save money that there are 5.4 million fewer households than there would have been under normal market conditions.
There is a silver lining:
The new report surfaces that (sic) fact that there’s potential for housing demand to outpace population growth, because of the pent-up demand in all those guestrooms and basements. If salaries improve or housing costs fall, some of those doubled-up Americans will likely want a home of their own.
In other words, when the job/wages situation improves then there will be a lot of pent of demand for housing of all types, and that bodes well for everyone.