This stage of the demographic transition is a huge problem, IMO. The more I think about it, the more it seems like a ratchet (as in, it only moves in one direction):

Basically, two incomes are useful, so both people in a relationship pursue careers. Now they have more money to compete on the housing market. This seems like a good move, so others follow suit. At first this is largely a win for people who pursue this route. But, as more people do this, it becomes necessary in order to compete for real estate in good neighborhoods.

Now there is an advantage to be had by putting off having a family even longer, or having even less children. So people do this. But as more and more people follow suit, the advantage evaporates. And so on and so forth until you have demographic implosion.

For the life of me, I can’t see a way out of this in the short term. Maybe a wholesale transition to remote work?