A box that comes with hot water and electricity. Yes there must be some status otherwise there would be no beach not covered in mansions. It's a shame all we see of future evolved humanity is on starships though, where the captain's quarters are smaller than an average apartment. Picard's estate doesn't count since that has been in the family through WWIII.
But Picard doesn't actually need
a lot of material stuff out in space. He can replicate books, clothes, food, furniture (if he wants something other than Starfleet Standard)... and recycle it when he's done with it. If he wants it back again, he can replicate it again. And for everything else, there's the holodeck.
Whereas in the 21st century... well, I now own a Kindle, but that doesn't mean I've stopped buying physical books. And I don't own much furniture that isn't dedicated to holding books, tapes, DVDs, various other things in my SF collection, or else it's furniture to facilitate using my computer and my craft activities.
In other words, I do not own either a couch or dining table. Neither is important to me since I live with my cats, and hardly ever have company. My TV is small, and my cats have more "luxury" furnishings than I do!
So Picard doesn't need
the space to accommodate all his material wants and needs at the same time. Unlike me, he doesn't need to be literally surrounded by shelves and shelves of physical books to feel comfortable.
I believe there must be an underclass of creative and/or whacky drop outs who find having everything stifling, just as we have people today who find having everything (which we do) stifling. I want to know what the graffitti looks like in the 24th century on earth. I hope there is still yarn bombing.
I may regret asking, but WTF is "yarn bombing"?