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National average income 1970: $8,730 ($68,557 in 2023 money)
National average income 2023: $59,384
National average home price 1970: $23,400 ($183,763 in 2023 money)
National average rent price 1970: $108/mo ($848 in 2023 money)
National average home price 2023: $495,100
National average rent price 2023: $1,372/mo
So accounting for inflation, average income has dropped 13%, but the average price of a home has increased 169% since 1970. Rent has jumped 62%.
Granted these numbers are pulled from different sources, and I don't know why I chose 1970, but it doesn't matter - it paints the picture that income has dropped a considerable amount and the cost to live has really gone up.
I'm sure wages need a little upward tweaking, but the cost of "_________" is just bananas right now. I honestly don't know how some folks are doing it. We're a young family with good income and future planning - I have to pull my jaw off the floor when I see the grocery bill.
But I'm with ezaircon4jc ... Minimum wage jobs should never be intended to be a career. This is for the after school high school kid or something you're doing to make ends while in college. $20/hr???
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