Median personal income has not, in fact, been keeping pace with inflation. The median personal income (men and women) in Sep 2016 was $31,099.[0] Which means the $47,600 tuition ($62200 with mandatory room and board)[1] was 1.53x (2.00x) the median personal income in 2016, versus 0.94x in 1940. I'd consider that more than slightly faster growth, especially since most of that proportional growth has happened in the years from 1980 to present, rather than the full 79 years since 1940.[2]