Full house rewires can range anywhere from maybe $8,000 to $25,000+ depending on what you're working with. The biggest factors are square footage, how accessible your walls are, whether you need a panel upgrade, and local labor costs. A 1970s ranch is actually not the worst case - you're not dealing with the nightmare of plaster walls in older Victorians, but you still might hit snags if the previous owner did any sketchy DIY work. If the inspector mentioned it's just outdated rather than actively dangerous, you might have some flexibility on timing.
Room-by-room is technically doable but usually costs more per square foot because electricians have to mobilize separately each time and can't work efficiently through the house. You're also looking at multiple inspections and permit fees. That said, if budget's tight, prioritizing bedrooms and kitchens makes sense since those are where most of your electrical load goes and where code requirements are strictest. Just get a few quotes from licensed electricians in your area - they'll give you a realistic number once they see what you're actually dealing with. Some old wiring might be salvageable in spots, other sections might need immediate replacement for safety.