from my experience, prior to covid, it really hasn't been if you're capable of buying.
look at the 2012 to 2016 period for example of rent vs purchase. if you just bought an average condo and sold it you basically could've ended up staying for free vs. renting.
You're neglecting to mention opportunity cost. That money could've been invested in stocks, crypto, etc. and you would've made out a lot better (and avoided the headaches that come with owning property)
And for the same cash commitment you could have bought 2 - 3 multifamily homes in sane real estate markets that produce $60k - $80k (or more!) net income (rents less management and taxes). You would have diversified your portfolio, lived "free" (i.e. the net is likely about the same as or more than total annual rent in a decent home in the bay area), appreciated somewhat, and positioned yourself for handsome tax deferrals or savings due to depreciation and other strategies.
look at the 2012 to 2016 period for example of rent vs purchase. if you just bought an average condo and sold it you basically could've ended up staying for free vs. renting.