Back in 1960, the minimum wage was $1.00/hour and the cost of the average US home was $11,000.00.
When Richard Nixon was elected in 1968, ‘middle class’ was defined as one job paying for a house, a car, and enough money to send the kids to college. In those days $1 million was considered a vast fortune. After five GOP Presidential terms, middle class was two incomes to support a family of four, and $1 million was what a rich guy paid for a party.
That is quite a sum in the 80s. My grand parents bought a 2 bdrm condo for about $20k. It took them a while to save up like $10k and they still had a loan. The loan was also at something like 13% rate.
Back in 1960, the minimum wage was $1.00/hour and the cost of the average US home was $11,000.00.
When Richard Nixon was elected in 1968, ‘middle class’ was defined as one job paying for a house, a car, and enough money to send the kids to college. In those days $1 million was considered a vast fortune. After five GOP Presidential terms, middle class was two incomes to support a family of four, and $1 million was what a rich guy paid for a party.
my parents had thier first house in the 80s for 120k, so it fits. it drastically went up in the 90s if they bought it.
That is quite a sum in the 80s. My grand parents bought a 2 bdrm condo for about $20k. It took them a while to save up like $10k and they still had a loan. The loan was also at something like 13% rate.