PadreSJ on Nostr: Data Points: Federal Minimum Wage 1970 - $1.45 2023 - $7.25 Median Home Price (US) ...
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.
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.