How many people can afford $700k to 900k houses? They are still selling, aren’t they?

Why do people cringe at $3000/mo rent but have no problem with with $3000/mo carrying cost on a purchase? I’d rather pay $3000 rent on a nice rental house than the same in interest on a crappy house I’d purchase.

$3000 carrying cost translates to something like a $500k townhouse in SD. And that’s if interest rates stay low. God saves us if interest rates go back to 10%.