The last few home buyers I have worked with have been unusual buyers in that they never planned on buying a home and are older than traditional first time home buyer.
The buyers were renting and they planned to rent for a long time or maybe forever but they found that they could save money each month by owning rather than renting. That is not true for everyone but it is true for some. For people who are not planning on moving in the next decade and who have good jobs and some money saved and are currently paying high rents buying a home might just be a good way to lower monthly expenses.
The current housing market has created a new group of home owners.