Is this type of living arrangement considered fine for my child and I?

Is this type of living arrangement considered fine for my child and I?
Added (1). We've been living in a 2 bedroom apartment for over 10 years now. I could afford a house, but I don't want to deal with all the headaches. We live in a 850 ft unit, so it's large enough (sometimes tight, but we make it work). I realize that we don't have the large 3 or 4 bedroom modern house with large backyard. Does this make us look poor or something? Just wondering.
Added (2). We also have a balcony.

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