What breaks first - rentals or mortgages

[Sri Munu]

I live in the Frisco area. Renting a house is about 30% cheaper in this area compared to buying at current interest rates. So it would be logical to assume more people will rent than buy. But then, rent itself is high enough that a household making less than 100k cannot afford to live in a 2/2 apartment or 3/2 home. If income is less than 100k, their percentage of income towards housing will end up being greater than 30%

Sooner or later something gotta give… which one is it?