I’m curious where you live?
I live in NYC, on the UWS, in a nice (but not extravagant) 2 bedroom apartment. It’s about 1000 sq feet, and I pay $5k per month in rent. Buying a similar place in my neighborhood would cost me literally double that per month, after putting down $300k or more. My neighborhood has hundreds of thousands of people in it, all paying similar amounts (or much much more). My building has about 60 units, and I live in one of the smaller ones. Almost half of the units rent for $12k-15k per month. This is just one of hundreds of buildings in my neighborhood alone, one of thousands in Manhattan.
Of the ~350 apartments with at least 3 bedrooms for sale right in my neighborhood, only 77 cost less than $3mm. There are 52 for sale for more than $10mm, and those will almost all sell.