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Free time and mental energy is the limiting factor I think.

Personally I observe that social events seem to be most common among students who also are quite poor.

However mental energy and free time is surely correlated with wealth.

The effects of wealth on outcomes meaningful to most humans look mostly like a step functions, with some continuous-lookin' bits here and there. Anecdotally my assumption is that partying x wealth is bimodal, with peaks near the top and the middle-bottom of the wealth distributions. But homeless people and people scraping by on two minimum-wage jobs, both of which comprise a larger portion of america than when I was a child, are unlikely to be able to host or even often attend parties, like I think there's a sharp step to basically zero after a certain poverty line unless you're in a really integrated community (also less common over that time period, to be fair)

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