I'll be in my home for longer than the recession lasts. Seems a little silly to sell it and walk away from my hard-earned lifestyle (which I quite enjoy) to save some money for just a few years.
So, are you suggesting that an acceptable lifestyle would be an empty studio apartment with nothing inside of it, no pets, no partner, no meaningful possessions?
Personally, I have pets, a partner, and thoughtfully selected and meaningful possessions. I don't collect crap, and nothing I own or do is particularly extravagant. But I'm not exactly living an ascetic life either. A pretty typical lifestyle, I'd say. And I don't consider any of this a moral failure, if that's what you're getting at. Though admittedly it's not as affordable as living like a monk.
I have a fancy car? News to me. I'm just trying to pay my bills and live a sensible and reasonably comfortable life. These days that requires a lot of money.