Grumpy old fart on fire

[Tpmetal]

The “boost” to minimum wage had the biggest effect. I don’t have time to research all of the State variables. But let’s say I earned $27/hour for several years, then retired. I was about 4x minimum wage. Minimum wage goes up (some states) to $15/hr. My money is now at less than 2x minimum. In effect, I lost 1/2 of my buying power.

Some quick Google numbers. Average individual income in let's say 1965 as a date was about 7,500. Average individual income today is 43,000. Average house cost in 1965 20,000, today 420,000. Income increased by 5.7 times. House prices increased by 21 times. This does not even factor in other disparities in costs that have also increased by massive amounts, insurace, food, and so on. So the younger generations simply can't compete.

 

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[robertk]

Average individual income in let's say 1965 as a date was about 7,500. Average individual income today is 43,000. Average house cost in 1965 20,000, today 420,000. Income increased by 5.7 times. House prices increased by 21 times. This does not even factor in other disparities in costs that have also increased by massive amounts, insurace, food, and so on. So the younger generations simply can't compete.

If the average income in 1965 was $7,500, then with inflation, in 2025 you'd need to make $75,971 just to stay at the same level of purchasing power. In other words, a bit over 10 times as much money just to stay the same. Yes, prices have gone up, but the real problem is that inflation is silent stealing the purchasing power of the entire nation.

 

[Blackfoot58]

I remember the day (1967ish) when a person with $1 million could invest it in a basic passbook savings account (minimum choice) at 5%. Which meant $50k income/year! Live like a king!!
Now days, it is no guarantee you can afford health insurance.

 

[Casull]

Some quick Google numbers. Average individual income in let's say 1965 as a date was about 7,500. Average individual income today is 43,000. Average house cost in 1965 20,000, today 420,000. Income increased by 5.7 times. House prices increased by 21 times. This does not even factor in other disparities in costs that have also increased by massive amounts, insurace, food, and so on. So the younger generations simply can't compete.

The average home in 1965 had 1 bathroom and 2, maybe 3 bedrooms. You need to compare apples to apples. Also, average income in 1965 was about $6900 and in 2024 was over $69000.

 

[Tpmetal]

The average home in 1965 had 1 bathroom and 2, maybe 3 bedrooms. You need to compare apples to apples. Also, average income in 1965 was about $6900 and in 2024 was over $69000.

Individual income is different than household income. That is why I specified that. Also average house is average house for the time. I could argue back on how things were built a bit stronger overall back then as well. And 21 times the price still doesn't account for bigger houses even if every house was triple the size

 

[Tpmetal]

If the average income in 1965 was $7,500, then with inflation, in 2025 you'd need to make $75,971 just to stay at the same level of purchasing power. In other words, a bit over 10 times as much money just to stay the same. Yes, prices have gone up, but the real problem is that inflation is silent stealing the purchasing power of the entire nation.

Yes that was my point.

 

[Casull]

Individual income is different than household income. That is why I specified that. Also average house is average house for the time. I could argue back on how things were built a bit stronger overall back then as well. And 21 times the price still doesn't account for bigger houses even if every house was triple the size

Those are average individual incomes. And, if the average house was 1000 square feet in 1965 and 2000 square feet in 2024, your "21 times" really becomes about 10 times. And the incomes are about 10 times. So, pretty close to even.

 

[ConceptualizedNetherlandr]

The grumpy old fart factor in this thread has moved into the high octane high compression gone very bad multiple burrito experience. My condolences to all the roommates, and stay away from ignition sources

 

[AstralDruid]

Don't worry guys.... Stable coin will save everything ....
The rug is about to be pulled from under our bare feet, exposing our soft flesh to the cold reality..

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[DizzyDigger]

Don't worry guys.... Stable coin will save everything

Careful, or the mod's will get cranky, too. Best to keep your politics elsewhere.

 

[russau]

After I first got married back in 71 I got in a pinch and had to borrow a small amount of cash from my father. I hated to do that BUT I skimped or did without going out to eat ,movies ,trips , anything that would prevent me from paying the $$$ money back to my father ! It was rough at times BUT it also was rough for my father to earn it !!!! So repayment was my priority ! Now it's my turn in the barrel so to speak. with . 8 children (blended marriage ) 26 Grandchildren , and 7 so far Greatgrandchildren I better plan on leaving my wallet out!

 

[WoodsDigger]

All I know is the next 18 year old cashier who calls me sweetie or honey is going to regret it! And, no, that grocery bag with two pounds of canned goods in it is NOT too heavy for me to lift! I'm 6'3" and weigh 190 pounds, so I think I can handle it!

Omg I called a cashier sweetie the other day. I thought jeepers that's weird of me. Must be getting old.

 

[Limitool]

After I first got married back in 71 I got in a pinch and had to borrow a small amount of cash from my father. I hated to do that BUT I skimped or did without going out to eat ,movies ,trips , anything that would prevent me from paying the $$$ money back to my father ! It was rough at times BUT it also was rough for my father to earn it !!!! So repayment was my priority ! Now it's my turn in the barrel so to speak. with . 8 children (blended marriage ) 26 Grandchildren , and 7 so far Greatgrandchildren I better plan on leaving my wallet out!

Same here sir... 5 children and 3 step kids. I lost count of all the Grandkids. I have absolutely no reason why they all think I'm some kind of a "bank" or something...!!! No mansion here, flashy cars or anything to see that would give anyone a thought of someone "high and mighty" lives here. Pretty simple down to earth lifestyle lived here but for some reason I'm asked for money by one of the remaining 7 or any one of the grandchildren. I truly don't know how this came to be...?

But "they know everything" and if I need any advise all I have to do is ask...!!!!!

Grumpy old fart here on a Saturday morning ranting.... gotta get another cup of coffee.

 

[Gare]

Russau your parents did a FANTASTIC job of raising you. I am proud of you You know where your values in life are,
Crow did you realize on your next birthday you will be ANOTHER YEAR older. As long as your in GOOD HEALTH PLEASE enjoy !! I will bet there is a LOT of other people now living in a lot worse shape then your situation

 

[ConceptualizedNetherlandr]

Omg I called a cashier sweetie the other day. I thought jeepers that's weird of me. Must be getting old.

Yesterday I strayed way farther off the rez than you ... I stopped at a gas station and picked up a box of beer. I bought a lotto and asked the gal to rub it for good luck or whatever it was she did for good luck. She complained that she has nothing but bad luck lately and a woman behind me who knew her verified that. I said 'come home with me and get in the hot tub and I guarantee you will get lucky' as I turned to those behind me smiling.

Got a pretty good reaction.

Left alone

 

[Tpmetal]

Those are average individual incomes. And, if the average house was 1000 square feet in 1965 and 2000 square feet in 2024, your "21 times" really becomes about 10 times. And the incomes are about 10 times. So, pretty close to even.

so we could play this game all day. The point still stands if that the ability to own a home costs on average 21 more times. No matter how much you try to bend numbers to fit. Average prices are dictated by availability to the buyer, if one wants to own a home they are forced to pay those prices the market demands. So like I said the new generations have a much worse situation than the older did. Their buying power is massively lower to obtain an average lifestyle.

 

[WoodsDigger]

so we could play this game all day. The point still stands if that the ability to own a home costs on average 21 more times. No matter how much you try to bend numbers to fit. Average prices are dictated by availability to the buyer, if one wants to own a home they are forced to pay those prices the market demands. So like I said the new generations have a much worse situation than the older did. Their buying power is massively lower to obtain an average lifestyle.

Start early.

 

[Tpmetal]

Start early.

Sure that helps, But what does that have to do with anything I said? Wasn't making any arguement about when to buy or how to obtain a home. Just that it is a very real issue.

 

[WoodsDigger]

Sure that helps, But what does that have to do with anything I said? Wasn't making any arguement about when to buy or how to obtain a home. Just that it is a very real issue.

I have a couple in my life, they have jobs, they pay big bucks for rent, I tell them to start early, it means get going !! They afford the rent for years , the mortgage would be 3x less. Yet the wait. Oh that couple, ....my kids...lol financially mysterious, have the answers and own nothing. Sorry if start early wasn't a fitting reply. I'm frustrated. I had to buy a small lot, pay weekly, got a camper , scraped until basically yesterday. But the outcome was house paid for and waterfront to boot. It can be done even today. I have a little list of injuries but there a price be it dollars or skin.

 

[Casull]

so we could play this game all day. The point still stands if that the ability to own a home costs on average 21 more times. No matter how much you try to bend numbers to fit. Average prices are dictated by availability to the buyer, if one wants to own a home they are forced to pay those prices the market demands. So like I said the new generations have a much worse situation than the older did. Their buying power is massively lower to obtain an average lifestyle.

Therein lies the problem in your argument. Fresh out of school and they want to own the "average" home. Didn't work that way for me and doesn't typically work that way now. Out of school, with a child on the way, my first house was about 1000 square feet on a 1/2 acre. Ten years later, my second house was about 2400 square feet on 3/4 acre. Ten years after that, my current house is 3600 square feet on 7 1/2 acres. They don't seem to understand the concept. They want to get out of school with a worthless degree and own the home their parents have.