* fertility rates have been dropping for a long time. While this article is focused on "it's not about the teens", it isn't tied to housing, or after covid: https://ifstudies.org/blog/the-us-fertility-decline-is-not-d...

* housing market was already quite bad before covid (see sibling comment)

* Savings rates have hovered around 5% for almost 25+ years - https://fred.stlouisfed.org/series/PSAVERT