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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Runemeisterin Incognito Nov 28, 2023

@PadreSJ

Why-in-the-name-of-all-that's-holy would older generations mock younger ones for not building wealth?
I am a member of one of those "older generations" and mockery is absolutely the farthest thing from my mind. I'm trying to sort out how we (as the older generations) can pool some resources and solve some of the bigger issues like medical and student debt without involving or relying on an increasingly non-functional gov't or other large institution/s.

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Kalamata 🏳️‍🌈

@MizeDesigner @PadreSJ I really don't see or feel the mockery thing. Many of us boomers have millennial children who are struggling with student debt and endured Covid at a bad time in their careers, just starting out. We see what they can get salary-wise. They can't buy in the cities they grew up in, and rent is out of control. In fact, I'm in tech, get a decent salary and still can't afford to buy in the city I live in, where I moved to for work. I liked reading your stats though, really helps to grasp what going on.