The apartment I'm living in now is in a renovated factory which was built in the 30's. Very solid brick and concrete construction. There's a new apartment building not far from me; they built a two-story concrete structure with a slab on top, and then put a stick-built four-story building on top of that. Wood stud and foam exterior walls, and metal studs and drywall inside. Looks like a firetrap, and the noise from other apartments must be awful.
Before I lived here I was in a single-family house, also built in the 30's, also very sturdy. I've seen other houses being built nearby, McMansion style. They look nice (new, anyway) but they use the same shoddy materials and construction techniques.
Prior to that, I lived in a new condo. I bought it while it was still under construction. (Big mistake.) The builder neglected a few details, like flashing on all of the windows. When it rained, water poured in around my window casings. People on the top floor had their whole ceilings cave in. I managed to get out of there, but a year or two later after the lawsuits the entire brick exterior had to be ripped down to fix the windows, then put back up.
So I disagree that today's houses are "much higher quality" than the houses of the 1950s. An older house, with modern upgrades, is more likely to be high quality than a new house with the same features.
That's all besides the point, because without wealth, without those gold coins and green pieces of paper, you can't afford the nice house, or better car, or the healthcare. Without wealth (in all senses) you don't have financial security, and without financial security you're forced to make decisions about how you use your limited resources. You buy lower-quality goods, you skimp on maintenance, you don't upgrade things, you hold off on preventative care until you need emergency care. Your quality of life is lower, despite having (potential) access to much better things than you might have had in the past.