While I don't think Stockholm can "afford" the state of its housing market, renting a sublet is quite comparable to the rest of the world. It's just that people expect more, including myself.
For some reason the swedes think it's a good idea to have insanely long mortgage terms, if they don't just pay interest. Prices in Stockholm proper is around $950 per square feet, which I guess is comparable to SF [0].
[0] http://www.maklarstatistik.se/ [0] https://www.google.com.mt/search?q=86304+sek+per+square+mete... [0] http://my.paragon-re.com/Docs/General/SixtyFortyImages/Avg-D...