Home prices in the '80s were ~$60,000; equivalent homes now are about 10x that [0]. With inflation bouncing around 2-6% on average [1], and only modest wage increases over decades [2], that makes the median home today way less affordable even with these relatively low interest rates.
[0]: https://fred.stlouisfed.org/series/MSPUS
[1]: https://tradingeconomics.com/united-states/inflation-cpi