Way back in the golden age, Billy and Freddy were both younger teens (I believe Billy started at 12) who lived independently, without an adult guardian. Obviously, that's harder to swing in the present day (didn't stop them with Kathy Branden or Maya Ducard, though), especially in the more realistic, intended-to-be-taken-somewhat-seriously setting that Freddy had. And Billy wasn't even poor the way Freddy was, since he got his radio job right off (though he still had Cap doing day labor).
But how do you feel about that? Do you like those versions? Do you like later ones? Do you think it in anyway feasible to translate the golden age living conditions into today's world or have things just changed too much? Teens have more difficulty in actually renting a place (though Billy could use his adult form to be a faux Uncle Eben, if he liked), and of course, unlike Billy, Freddy's guardian's death was known, and so social services would know about him now being without one. But biggest thing is that back then everyone knew they didn't have guardians and no one cared, for the most part. Don't recall Billy attending school. But with readership heavily skewed to adults now, I wonder if any version/AU that wanted to emulate this would have to either be set in the past or would have to play up the homeless and hiding aspect or would readers be wiling to suspend disbelief?