And I totally think it’s true that people don’t realize how much they’re spending on modern conveniences that could be easily cut out if they wanted to live more cheaply.
So I really do think it's missing the point to say that the middle class isn't actually shrinking because we've got all these great new gadgets and services instead of traditional middle class trappings like housing. Compared to prior years, the difference in housing affordability relative to median income is equal to hundreds of maxed-out iPhones. [1],[2] Avoiding a new iPhone purchase or canceling a Blue Apron subscription won't make up the difference. These things aren't priced equivalently, and frugality doesn't work if one is completely priced out of the market.
[1] https://quotewizard.com/news/posts/americas-unaffordable-hou...
[2] https://www.longtermtrends.net/home-price-median-annual-inco...