Welcome to SDC charliebigspuds,
I will try & come up with an intelligent'ish' answer.
I have put in brackets, comments after statements I have made that I am not 100% sure are correct.
Stars can still form all the time there is hydrogen available. Planets, comets, asteroids, etc can still form all the time there is material available.
It is worth remembering that even aging red giant stars like Arcturus, Aldebaran, Pollux, Epsilon Leporis, etc, are still mostly hydrogen, only that at their cores, hydrogen has largely depleted & they are fusing helium into carbon, atomic oxygen, etc. Some stars like red supergiants Betelgeuse, Antares, etc have gone further & are fusing elements up to iron (think I've got that right, I am not really an astrophysist, rather more into planetary science), but even these stars are still mostly hydrogen.
Hydrogen is still by far the most abundant element in the Universe, followed by Helium, then atomic Oxygen (I think that is correct). Also element heavier than Iron, such as Uranium, Thorium, etc are prodiced in supernovae (I think that is correct) & enrich the intersteeler medium with heavier elements.
In theory given time, hydrogen in the Universe will deplete & star formation will gradually cease,(again I am not 100% sure of this, as I am not a cosmologist).
I have tried, but suspect I am as much use as a parachute on the Moon.
Please silylene, Yevaud, Wayne(s), a_lost_packet, etc, please correct me as necessary.
Andrew Brown.