It was just a more expensive technology than a B&W set.
Realistically, most people bought color at that time, only the very poor, or old people (who didn't want color, for whatever reason). As a 2nd set, B&W was good for the kids or the kitchen, though. Lot of those little tv/radio B&W sets were sold for that purpose.
If I recall, 1976 was the point where color set sales in the US exceeded 50% of all TV sales. But remember that there were already multiple TV households, and also, the US was going through economic headaches at the time too - money was tight in the 70's.
You also had households like my parents, where the main TV was a color set, but the color crapped out on it due to whatever (bad tube? We never did get it fixed), but we kept it till it died anyway.
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