I live in a first-world European country where the average salary is about €25,000 per year. My mortgage estimate is less than €300/mo. I'm not that afraid of having to supplement my income if I need to. The world will still need cheap and experienced software engineers for a while.
Quality of life in suburban America is incredibly high relative to a "first world" country with such a low average income. From what I have seen, most families in the "European periphery" still live in small Soviet-era apartment buildings, own one small car or no car at all, and are far from enjoying many other things taken for granted in America.