I think this is the perfect example. Sure, americans make more money, but we spent _way_ more on the biggies (education, healthcare, childcare, ...). I have the unfortunate situation having to witness europeans in my family lead a much more relaxed life, with a much lower recurring baseline cost.
It would also explain something a little paradoxical imho. Home cost, relative to income, can be incredibly high in Western Europe (10:1 ratios, similar to the coasts here are pretty normal there). How?!?! Yet, people carry it with no problem. Housing (owning) really the only biggie there. All their other disposable income is gravy.
