That's fairly misleading because the average person around there is very poor. It's not what you'd consider average in a first world country.
People live with families in multi-generational homes until they're married, sometimes after. Retirement plans are your kids looking after you.
Prices also aren't lowered across the board - it's mostly housing and anything where labor is a major part of the cost. Cars are similar prices. Groceries, utilities and tech also.