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Owning a detached, single family home is always going to be out of reach for many, because they're just inherently more expensive. It's lower density housing that requires more land and infrastructure, per person. It's less efficient use of space, it should be more expensive. The problem in the US is that higher density housing isn't much less expensive, and that's because there isn't enough of it, and there isn't enough of it because developers and investors aren't interested in building low margin, affordable, quality apartments and condos. They'd rather build higher margin "luxury" housing. It's "luxury" in quotes because it's not actually high end. It's priced as high end housing, but it's actually quite cheaply built, with some high end veneer slapped on top. And thus, the high margins. Works great for developers and investors, but it's a very bad deal for renters and buyers.
There isn't enough of it because BUILDING IT IS ILLEGAL!!! This isn't a failure of the market to build affordable housing, it is a failure of the government to allow affordable housing to be built due to the dominance of single family zoning! And furthermore, sfhs are cheaper than they should be because they are subsidized by the government - the taxes paid by sfh owners don't even come close to paying for the maintenance costs for the infrastructure that serves them.
If you want to bring down housing costs:
Not all land is created equal. You can buy some land in rural Nebraska right now and build your own modest house for less than $100k. You'd just have to commute an hour to get to the nearest dollar store.
Allowing more multifamily housing allows people to live affordably while simultaneously being somewhere they actually want to live, without having all their utilities and services subsidized by the government (ie, subsidized by people and businesses which exist in efficient and non-parasitic forms of development).
And yes, a big problem is that many americans' life savings is tied up in their home value. Hence, liberalization of zoning codes and an implementation of a new taxation scheme must be done such that the vast majority of home owners don't lose huge amounts of wealth and don't have their lives significantly disrupted. This is very doable in any number of ways.
Under a Georgists tax scheme, government revenue would likely increase.