Wildly is about right. The last decade has been the highest real world inflation I've experience in my life and I'm not particularly young anymore so been around for a while.

looks like the cost of housing in Palo Alto has more than doubled: https://julianalee.com/palo-alto/palo-alto-statistics.htm

Edit: This is to say, the cost of housing has grown faster than the compensation available to new grads.

Have you bought a gallon of milk or any beef lately?