Young people need to work a lot more hours to pay rent now and whether it is because sharing places is less popular or not, there are far less places to rent for groups. There are now far more 1 or 2 bedroom apartments and many larger houses have been divided. Practice spaces and studio spaces are also much, much more difficult to come by. In city after city, what used to be dirt cheap warehouses are now pricey condos and fancy apartments.
As creative tools evolve (Instagram -> TikTok, Minecraft -> Roblox / VRChat marketplaces, Kickstarter -> Patreon subscriptions and communities, Twitch ...), there may be a wealth of new opportunities for young people to start making money being creative.
There wasn't an easy way to build content and find an audience. Now there's an ever increasing opportunity.
I think we're early in this game and only getting our first look at what's to come.