
Learn to do your own research instead of listening to other peoples bumper sticker slogans.
Boomers (1946-1964)
Minimum wage in 1946: .40/hr
Annual income: $832
monthly income: $173.33
House cost in 1946: $5,150
Mortgage interest rate in 1946: 4% at it's lowest
Mortgage payment: $25.59
Add insurance and property tax rates of the time: total house payment $35
$173.33-$35=$138.33
The average family in 1946 did not have a car. There were 141 million people with 28.1 million cars.
Those making minimum wage likely wouldn't have had a car.
But for those who did:
Down payment was 33-35%
Interest was 11-12%
Loan terms, if you could get them, were typically 12 months.
So your car payment was $50-$100
We'll use the low ($50)
$138.33-$50= $88.33
In 1946 25-33% of people went to college. So most didn't go (today it's 62%);
Private institution costs; $495/yr
Public institution costs: $117/yr
By the way; Around 21-23% of disposable personal income (after taxes) went to food in 1946.
Today it's 10.4%
So no, someone making minimum wage in 1946 didn't even come close to paying for a house, car, and 2 college educations.
Would you like me to do the other end of Boomers (1964)?
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