I live in one. If I'd not bought when I did it would not be possible as rents now run at x3 the average mortgage for an equivalent property and it's depressingly common for renters to spend 3/4 of their disposable income on rent. Yes, you read that right, 3/4! The advice was 1/3 when I was a nipper. Back then mortgages cost more per month than rents too.
It's okay for me. Like everyone else I had a list of pros and cons against staying and when I totted them up the pros won. In order to move far enough for property prices to fall appreciably the commute would become untenable both in cost and time. My line of work which I hope to continue until retirement because I like it very much is here where I've built up connections and a reputation to keep me as busy as I want to be. Moving away into a rural area would also increase the price of food and utilities. That's just how the local economics work.
I do wish the government would take the rent profiteering situation seriously as it's really starting to hurt the social fabric of the city. Many renters could easily afford mortgages if only they could save up enough for a deposit and it doesn't help that overseas investment vehicles are buying up flats in working class residential neighbourhoods to turn into Air B&Bs further decreasing available properties in building which in all honesty are never going to become des reses.
I like it here though. I like being able to walk everywhere if I'm not transporting stuff. I like the way that I know or at least recognise most people I pass on the street within my neighbourhood. I like the variety of urban things to do and see, and all the wonderful secret places as lovely as any in the "proper" countryside. There's a secluded beach just 15 minutes walk away hardly anyone knows about. If I go for an early morning walk I meet with badgers, fox and deer. I can go blackberrying and and fishing too. I'm of an age now where I'm also aware that one day I will be old and it would not be good for me to live isolated, perhaps even cut off in the winter (it happens every year here), and without a support network. I'd hate to be young starting out here though, even renting a room is becoming out of reach for so many.