Very much so.

Price follows supply and demand, but "price" isn't "money", it's "exchange of value". And the value of "money" halved when they doubled the number of people earning the same amount of "money". It didn't show right away, the invisible hand moves slowly, but it did adapt to that new market.

All that stated, per the OP, I could own a house, a car, and have a kid start saving for a local post-secondary-education, on one income. It isn't hard to do. Just don't buy a fucking mansion, don't live in or near a city like a Lefty lunatic, use your appliances carefully and until they truly break down, don't ever do any drugs like alcohol or tobacco or the harder ones, and buy a car with super-long-term lifespan in mind.