My family did not own a color TV until the mid-1970's. In addition to the cost, the color of those early television sets was not very good. As I recall, people really had to fiddle with the color adjustment knobs, and you basically had to decide if you wanted the flesh tones to look more red or more green. My parents concluded that it was more trouble than it was worth to own a color set, but they got one later as the technology improved and prices started to come down.
When I moved into my own apt. in the late 70's (batching it), I bought a new small B & W TV, as money was tight for me. Remember back then there was minimal cable service and no VCR's yet (at least where I lived), so TV watching was limited to a few VHF channels and a couple UHF channels. Still, I miss those days, as it was fun to go either to theatres or to go to a drive-in movie, with family, friends or a date. Today, drive-ins are almost gone (just two left in my locale), and the one or two screen theatres of old have been replaced by multi-screen metroplexs (and, while the variety sounds good, it was actually more fun to watch a blockbuster movies (e.g., James Bond, Airport, The Exorcist) on the huge screens we had back then). Not to mention (OK, I will) that the movies back then were simply better than most movies today.
Ahh, nostalgia!! Not such a bad thing to visit your childhood now and again, eh?