You’ve got that right.
The year I was born the average wage in the U.S was 13.5K, the average cost of a house was 36k and a “reasonable” cost of living not including housing was 6k.
Currently the average wage is 35k, the average cost of a house is 270k and the cost of living at the same level as previous is 25k
So wage has gone up 3x, homes have gone up 7x and the cost of living has gone up 4x
The problem is no one wants to get rich in their lifetime anymore, they want to get rich as quickly as possible so prices have gone up, wages/benefits paid to employees have gone down, costs spent on materials is kept as low as possible reducing quality to ensure repeated purchases.