Not saying that the overall idea is wrong but that figure is way too low currently for most large metro areas in the US. And below poverty level in others.
With $75k and a family of two kids you are not going to be saving much for retirement, if anything. Medical bills can completely bankrupt you in an instant. You can’t just pick any restaurant you want without doing some research on price first. You can’t afford much of a vacation anywhere either, except perhaps taking the kids to Disneyland once a year.
People do optimize prosperity, and prosperity generally leads to happiness.