Is renting until death going to be the new norm in the 'own nothing be happy' land of the future?

We're not in Sydney, but median house price is Sydney is around $1.5 million now.

For us, median house price is about 2/3 that and we're in a regional area.

We can't get anywhere near close to saving for a deposit even on our two incomes. Banks require minimum 20 pct deposit, and there are no home buyer support schemes accessible to us.

Do you see renting as the way everyone will be as a lifetime proposition for the future?

btw we did look into rent-to-buy and freaked out at how dangerous/risky that is.