Home values have skyrocketed but the amount of money that was hoovered up by the banks in interest has gone way down. Cars cost more but are cheaper to operate and last longer. Electronics and other durable goods are a fraction of what our parents paid.
Overall I think it's more to do with consumerism on overdrive. Social media has amped up the comparison culture, you aren't keeping up with the Jones' anymore, now it's everyone in your social bubble. It's to the point where people think there is something wrong if they don't have new toys and instagram worthy vacations every year.
I can't imagine living with the crushing debt some of our friends have. It seems like there is a whole bunch of late twenty early thirties with a years salary in credit card debt.
Buy nice things, but plan on having them for a long time. That way you aren't susceptible to the latest greatest must have. The new truck with a slightly nicer interior and apple carplay isn't worth the $30k in depreciation. If you are buying vehicles based on what you can afford on a monthly basis, you're doing it wrong. Get off the never ending payment treadmill, otherwise you'll be on the cat food diet at 70.
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