Yeah you've pretty much nailed it.
I agree too.
Been living independently since my mid teens and if things were as they are now economy-wise, I would not have been able to make ends meet.
Even now, I wouldn't be able to afford to live as I currently do if I was still stuck in the enslavement system working 8+ hrs/day @$30-50/hr.
I live in a small rural township nowadays and overall average rental costs are a bit cheaper compared to the city I moved here from.... although real estate prices are pretty much equally bloody absurd here as everywhere else.
The average dinky little 1 or 2 bedroom rental around this rural township was $500+ at the low end -as of a few months ago when last I checked....

probably even higher now.
Can't imagine how difficult it must be for anyone, including adults, on the minimum wage. It'd be near impossible to afford rent & also power/gas, food, petrol, etc without at least splitting the rent with one other fulltime wage slave.