National median rent is something like ~$1,500-$1,900 depending on what source you use. Every place I've rented required 3 times rent to qualify. That means you need to earn $4,500-$5,700/month gross or $54,000-$68,400/year gross or ~$26-$33/hour if working 40 hours/week. Federal minimum wage is still $7.25. I believe the median income is around $66,388/year, so while some can afford it, yes, many can't, 2/3rds of the country is living paycheck to paycheck right now.

Yes, percentage wise there's not a lot of people on minimum wage compared to those who aren't, but this doesn't account for people who make more than minimum wage but still don't make enough to afford rent. People shouldn't have to live with family, friends, or random roommates to afford housing.

That's not how society is supposed to function. We make individuality a big thing in this country yet we refuse to let a portion of society be individuals by pricing them out of things like having their own place. Society is supposed to make things better for everyone, not a select in group and then fuck everyone else.

Also artificial scarcity is a thing. Those who can provide more goods or services choosing not to to drive up prices.