Literature doesn’t have to write literally about something for the point to be made. The boots are a stand in for whatever the issue at hand IS (rent vice buying a house would be apt).
Health care: you can afford your insulin or you blood sugar goes out of whack and you end up in the ER.
Education: you can't afford the time to learn a new skill (or even attend school) so you can't move up out of your low-paying job.
Rent: you're paying high rent instead of owning.
The issues extend from these all the way down to the boots level.
Now. But in the past it was plausible. See this list of assorted wages and prices for items in the mid-19th century in the US [1].
Boots were around $25. There were many jobs that paid low enough that $25 would be in the neighborhood of 1.5 months worth of pay.
[1] http://anotherandrosphereblog.blogspot.com/2013/03/how-much-...
The problems for the poor in modern America are health care, education, and rent.