It is, but there's two factors in play.

First, we're catching up to everyone else fast. Housing prices are increasing, in some places dramatically. It will take time for us to rival some places, but I believe it will be here faster than most expect.

Two, the pay isn't increasing along with the cost of living. Wages are stagnant, and industry is stalled. It's perfectly common to see jobs asking people to do the work of three people but not paying what a single one of those people should be making.

Not a great combination.