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Of course there are all sorts of socioeconomic pockets within pretty much any location and, yes, IMO the whole “generations” focus is overblown.

But as far as “Jonesing”, this is from the wikipedia page citing its key theorist, if you will:

“Pontell suggests that Jonesers inherited an optimistic outlook as children in the 1960s, but were then confronted with a different reality as they entered the workforce during Reaganomics and the shift from a manufacturing economy to a service economy, which ushered in a long period of mass unemployment. Mortgage interest rates increased to above 12 percent in the mid-eighties,[14] making it virtually impossible to buy a house on a single income. De-industrialization arrived in full force in the mid-late 1970s and 1980s; wages would be stagnant for decades, and 401(k)s replaced pensions, leaving them with a certain abiding “jonesing” quality for the more prosperous days of the past.”

I think it is bad analysis.