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.
PadreSJ /
npub1xa…udpj3
2023-11-28 21:41:38
Author Public Key
npub1xa3l97xfde4lgl2spn89h82why95g2l27mdzdhufl9a9akjdkw0snudpj3Published at
2023-11-28 21:41:38Event JSON
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"content": "Data Points:\n\nFederal Minimum Wage\n1970 - $1.45\n2023 - $7.25\n\nMedian Home Price (US)\n1970 - $23k\n2023 - $431k\n\nIn 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).\n\nIn 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.\n\n...\n\nThis is a good thing to remember when the older generations mock the younger for not building wealth as they did.",
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}