I built "Middle Class Museum", a tour of things that used to be affordable
7 hours ago
- #Economic History
- #Nostalgia
- #Cost of Living
- In the 1980s, a starter home cost $47,200 and could be bought on a single factory worker's salary, while today it costs around $450,000, forcing many to rent.
- A new Ford F-150 cost $7,400 (8 months of a factory worker's salary) in the early 1980s; today, the average new car costs $48,000, often leading to leasing.
- Cable TV was $7.99/month for 13 channels, with no algorithms, contrasting with today's multiple streaming services costing more and offering less satisfaction.
- Pensions were employer-funded and common, allowing retirement without personal savings, whereas today they are rare and replaced by individual retirement plans.
- A single-income household could support a family of four, owning a home and saving, while today dual-income households often struggle with renting and no kids.
- A station wagon cost $8,200 in the mid-1980s, whereas today a base model SUV starts at $42,000, reflecting rising vehicle costs.
- A summer job at minimum wage could cover a full semester of state university tuition in the 1980s; now it covers only about 4 days of tuition.
- National park vacations cost $5 entry with no reservations, unlike today's timed entry passes that sell out months in advance.
- Savings accounts offered 8% interest, allowing safe growth, compared to today's near-zero rates, forcing investment in riskier markets to beat inflation.