Basically, it's an expression used to symbolize jealousy across the neighborhood and the need to keep up with each other. It's usually just technology, but the subject can be changed to lawnmowers, cars, etc.
Synonyms for keep up with the Joneses
On this page, you will find 30 slang terms related to keep up with the Joneses. Some of the top words include: beeotch, Kravnos, nerd alert, kellenberg, frosts my balls, and 25 more.