but I disagree with the idea that expectations are so much higher as a sweeping rule. Many of the younger generation are choosing out of the rat race precisely BECAUSE they are valuing other things like family and personal time more than expensive homes or vacations. I just don't think it's as simple as stated.

In the boom period of the 40s-90s it was easy to see and achieve those material goals because the US economy went through the biggest upside swing in history. People are realizing now they aren't going to be able to enjoy what previous generations had, and this is causing expectations to adjust downward.