I feel there are many truths within your post, in fact I possibly fall into the category of “keeping up with the Jones’” in some respects.
At the same time, people can be pigeonholed into this category when really they do not care much about fancy cars and big houses.

We moved into a somewhat rich neighborhood, although not being rich at all ourselves. We emptied our bank account and have to do most of the labor and work ourselves on the remodeling of the home. In the end all we wanted was a similar sized home but with more property and privacy. We sold our boat and some other things to be able to afford this home, so we have given up some of the luxury items we once had.

My grout filled fingernails and aching back would tell me that I’m not keeping up with wealthy...lol.