I kinda saw some of this informally on our last family vacation. There was a family we had grown up next door to. This was Michigan and the dad was in the car industry as some type of exec. In the early 70's they lived next door in an upper middle class neighborhood. Some homes were nicer than others, ours was large but simple. They did have a cottage on a lake for vacationing and we didn't, but not too many differences.

In the intervening years my parents are solid retired boomers, our former neighbors have homes in a ski resort town in Colorado, a New York City apartment and a house on Lake Michigan they own and those are not cottages, more in the millions. I hear he got fired but that just means their luxury apartment will be in Chicago now. My parents wanted me to go visit them for a drink but that was awkward, we haven't kept in touch at all but my mom thought I was very interested in the difficulty they were having with plumbing in their new penthouse. I have reconnected with some people I grew up with in Michigan and I see how the majority are struggling with the huge income gaps and overall economy in Michigan. And I could be way off in one anecdotal experience,