Generally an inflation index tracks the basic necessities of life: housing, gas, electricity, food, wood, industrial/building materials etc. The percentage of income spent on those basic life requirements has been on an upward trend for many many decades. Real wages don't rise faster than inflation. The next generation is on track to earn half as much purchasing power than us. Expect multi generational homes to make a big comeback.

Real wage growth is by definition the portion of wage growth that outstrips inflation, and there has been measurable wage growth rather than shrinkage since 1950, even though it's a lot flatter at the bottom half of the distribution than the top. We've seen a massive growth in and overseas shift of the workforce over that time too. I don't think there's anything in the data to support the claim 'the next generation is on track to earn half as much purchasing power than us'.

And moving back to the original point, the reason why homes capture a larger share of incomes than before is down to the supply of homes outstripping demand, not the loss of the gold standard. If the supply of dollars were fixed as deflationistas advocate, you wouldn't lose the market pressure on housing, just the wage increases and incentives for people already holding large pieces of the pie to invest in something riskier than housing...