I like how open ended this question is because it has given a wide range of results. Define "better off"? My parents had three kids, a house on one income, and were a suburban, middle class, nuclear family.
I'm married, own a nice house in a city, we both work (and each of us probably work more hours than just my Dad worked), and have a higher income, even counting for inflation. However; we couldn't afford to take care of three kids right now, but that is probably due to other expenses. So.... are we better off? Depends on what you want.
The lifestyle of my generation "requires" more monthly expenses. My parents didn't pay for internet, cell phones, cable, netflix, xbox live, etc. If I cut all those costs, I could probably afford the children. People did not have as many options for entertainment/expenses 30 years ago, so they could live on less without "missing out" on fun. Now, in our society of consumerism, we have to have "more." My wife and I could easily live in the suburbs on my (or her) income and have some kids, but that's not what we want right now.
So are we better off... I would say no, we're just different.