I'm not foolish enough to think it's remotely possible in all places, but I do think an element of this is humans in the 21st century demanding a standard of living that far exceeds what they wanted in the 1970s, especially when it comes to vacations, automobiles, houses, etc.
My wife and I raised my first son (born when i was 23) in a 1 bedroom apartment, and my second child was born right after we moved into a 2 bedroom apartment. Most of my colleagues were shocked that I "didn't have a REAL HOUSE TO RAISE THE KIDS IN!!!! GASP!!!". And I realized then that many Americans have utterly warped ideas about the level of assets you need to have to enable family formation.