Have you ever wished for 1 day you could go back in time and purchase items at the price they were then. I think about that from time to time. I remember as a kid paying a nickle for gumballs in the gumball machine. We recently, within the last three years, bought a home and I won’t tell you how much we paid but I will tell you I would have liked to have paid what was paid when it was first sold. Our house was first sold in 1960 for $9,300. Most of the houses that were on our street sold in the early 1960’s for under $10,000.
Home prices have been steadily going up in price. If we look back to the year of 1960 and think about what the average salary was, what the food cost was. Is the cost of living the same?
The average medium income for a family was around $5,800, minimum wage was $1.25/hour. A brand new car averaged $2,500.
When I was doing research for this blog, I was amazed at how much food items cost, a gallon of milk 49¢; bacon 79¢ per lb.; bananas 10¢ per lb.; pork chops 59¢ per lb.; chicken 29¢ per lb; a dozen eggs 55¢; ham 39¢ per lb.; ground beef 45¢ per lb.
The price for a gallon of gas was about 31¢ and to get that juicy hamburger from a fast food restaurant was 20¢, don’t forget that mouthwatering soft drink for 10¢.
How does this compare today? We’ve seen inflation happen every year. Gas in South Florida is a little over $2 a gallon, a gallon of milk is about $3.50, eggs around $2 a dozen, bananas are about .59¢ per pound, chicken breasts are about $3.18 per pound. What is the percentage increase?
I have to say this was a fun project for me, anything with numbers fascinate me, I know I can be a little strange. Hey, what can I say. If there is anything that you are curious about with statistics, let me know!!!