What can we draw from this? Two broad observations.

1. America's house/car love affair is enduring and weird.

Families with radically different incomes—from lawyers and doctors down to high-school dropouts—all spend about half of it on homes and getting around, which suggests an historically tight relationship between marginal income growth and marginal spending growth on real estate and transportation. You get a raise, you shack up with roommates. You get another raise, you get nicer studio. A bigger raise and you move out to the suburbs and buy a house—commensurably increasing your spending on transportation (bigger car + gas).

This monopoly of housing/transit dominance is sticky for many reasons—America is big and has space for houses but zoning often limits development, leaving us with high relative housing prices and rents; suburban sprawl invites car ownership; infrastructure supports a car culture; our gas taxes are low and mortgage interest deductions are high; the list goes on—but it doesn't have to be this way. Not every country spends half its income on homes and cars. They have other priorities, like the UK, where the typical family spends a walloping 20 percent of its income on the super-category of "fun stuff": culture, entertainment, sports, alcohol, and tobacco. Or look at Japan, which spends more than twice as much as us on food consumed at home.

2. The post-suburban economy could be a huge deal.

Imagine what would happen if we didn't spend $1 in $2 on houses and cars. It would be rocky for the real estate and auto industries who have come to rely on a steady stream of spending. But it would leave a lot of money left over other stuff—like smartphones, and dinners out with friends, and shoes whose fanciness belies our income level. This isn't a vision of the future. It's a description of the way a lot of young people live today, particularly educated twentysomethings who've moved to urban light areas (e.g.: newer subrubs within commuting distance of the city proper, like Arlington, Va.) where they can save on real estate, take public transit, and preserve enough of their lowish salaries to cobble together a connected and fairly social life outside work, if they have it. Maybe these trends are recession-era fads that will fade with the recovery. If not, it'll be a big deal.