The first is that the "millionaire" comparison is worthless. Being a "millionaire" became prestigious over a hundred years ago. Even 100 years ago, the median salary was probably less than a thousand dollars a year. A "millionaire" was someone who had enough money in the bank to live a middle to upper middle class lifestyle for a thousand years without having to work another day. To be in that situation is to have a feeling of security. Today, the median salary is $46,000 a year according to the editorial. A "millionaire" has only about twenty times what "Mr. and Mrs. Median" have. A twenty year cushion is not nearly as big a cushion, so being a "millionaire" is not the same as it was.
The second is that the differences between having and not having are getting bigger, and being someone who doesn't have is frustrating. I bought a house that was about a quarter to a third the cost of what I could buy according to the loan people. It's not a bad house, but as the area grows around me, I'm feeling increasingly closed in. I'm claustrophobic, so that feeling is very difficult for me. Can I survive here for the rest of my life if necessary? I probably can, but the quality of life will not be particularly good. Having nice things and doing fun things is not just about "keeping up with the Jones." There are some fulfilling things out there, but they often cost money to pursue. The whole point of trying to work hard and make something of ourselves is to be able to afford some of these nicer experiences. For many people today, the frustration is with the sense that we will work harder but get less overall return for our efforts.
Bill
You are certainly correct that being worth a million isn't what it used to be. But it's still pretty good. My in-laws live a decent retired life on about 600k in net worth plus Social Security. They even manage to winter in Florida.
I have a friend who is about to retire on 2 mill net worth, which will give him a little over 100k in annual income until he starts collecting SS. He is 56. He will never have to work again. He plans to work part-time just to keep occupied, and because he likes to eat out.
I have another friend who is worth 3.5 mill, but says he can't afford to retire! He likes to live high. He also enjoys making money. At 58, he works half the month, and travels the rest of the time.
As for your neighborhood, that doesn't sound good. Mine is OK, and I already have my retirement home purchased in a great small town. It's rented for now until I am ready to use it. Building wealth takes time, discipline, and guts. I'm 57, so I've been working on this for a while. Just work on saving and investing, and realize that those "things" lose their ability to make you happy after a month or two, which is why new "things" must always be bought. Defer that for a few years, and you'll be surprised what you can suddenly afford.