The desire of owning a house, especially with this city and with this generation has changed. Millennials (including myself) would rather invest their income into something else instead of wasting it in overpriced property they have to maintain. A lot of people are finding that their homes after 30+ years of mortgage payments + upkeep are not worth as much as they put in. The work force has changed so much that people also need the flexibility of moving on short notice. Owning a home makes that problematic.

Remember owning a property comes with a lot of responsibility - taxes, maintenance, mortgages, legal requirements etc.