But in the 50s you weren't buying a new iPhone every few years, or a desktop/laptop computer or a tablet, or multiple TVs, or a cell phone contract, or an Internet contract, or cable TV, or Netflix.
As our purchasing power has decreased and inflation has increased, we've also invented a lot more expensive stuff to spend our fewer and fewer dollars on.
As said, real estate prices have gone up. But in early 1970's, Americans used 20 % of their inćome on food. Now it's somewhere around 6-7 %. So, for this most basic of commodities, the purchasing power has increased substantially.
As our purchasing power has decreased and inflation has increased, we've also invented a lot more expensive stuff to spend our fewer and fewer dollars on.