Most Millenials who can afford to rent an apartment can afford to buy a condo in a city - maybe not SF or NY, but a studio condo on Chicago's North Side, or in older buildings in the Loop, can be had under $150k. A newer studio or older one-bedroom can be had under $200k. Sure, there's a HOA, but it usually includes some amenities; the key difference in affordability is the dramatically lower down payment (the largest barrier to home ownership for most young people) than a large suburban house. A mid-six-figure McMansion is in a completely different price class - especially when accounting for the heating, cooling, and insurance costs of the much larger home.