This entire line of thought comes from the fact that we have parents who are actively in our lives every damn day saying that nobody deserves to earn over $7.50 / hr because they only earned like $2-$3 / hr in the 70s. They are an active detriment that is preventing any means of progress.
They will not entertain information about buying power, inflation, or ballooning revenues / puckering salaries. This is a sore spot with millennials for this reason. We are not the ones bringing this up, our parents, who did enjoy life 50 years ago, are.
You can pretend that this is about having a toilet indoors all you’d like, they had access to pensions back then.
I have been living in Philly for a decade now, and in that time, I am not sure I have seen a single new house go up for less than $500k. Everything in the $50k-$300k range has been either an ugly condo or old track housing from the post-WW2 period.