Mastodawn

PadreSJ Nov 28, 2023

Data Points:

Federal Minimum Wage
1970 - $1.45
2023 - $7.25

Median Home Price (US)
1970 - $23k
2023 - $431k

In 1970, the down payment on a home (15% or $3,450) would take ~3,000 hours (after tax) or 1-1/2 years at FMW (40 hours a week).

In 2023, it would take ~10,790 FMW hours (after tax), or 5 years 3 months AND you'd never be able to afford the payments.

...

This is a good thing to remember when the older generations mock the younger for not building wealth as they did.

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Stephen Rusboldt

@PadreSJ Most states have a Minimum Wage. In the 1970's most state minimum wages were close to the Federal. That is no longer the case. Now most state minimum wages are above $12/hour. I believe very few people are paid the Federal Minimum Wage. In most areas McDonalds pays $16/hour.

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PadreSJ Nov 28, 2023

@rusboldt Sadly, the numbers are even worse in the states that have raised the minimum wage b/c they tend to be the states that also have MUCH higher housing/living costs. :(

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Stephen Rusboldt Nov 29, 2023

@PadreSJ I was born and raised in a town of 35,000 in Wisconsin. I think you lived in Wisconsin for a while. The home prices were low, but have increased in the last 5 years. The typical home price is now $200K. Even though the state minimum wage is $7.25, almost all employers are paying at least $16/hour. No one takes a job for less than that.