The contrast between the United States in 1960 and 2023 is quite striking when you look at these key economic figures.
Back in 1960, the median family income stood at $5,600, while the median cost of a house was $11,900. These numbers illustrate a very different economic landscape, where incomes were considerably lower compared to today’s standards, and homes were far more affordable in relative terms.
Fast forward to 2023, and the picture is dramatically different. The median family income has grown substantially to $70,700, reflecting a significant increase in earning potential over the decades. However, the median cost of a house has skyrocketed to $416,000. This enormous rise in housing costs is a clear indication of the challenges many Americans face when it comes to purchasing a home in the present day.
These statistics underscore the broader trends of income growth and housing affordability in the United States over the past six decades. While incomes have risen considerably, the cost of housing has outpaced this growth, making homeownership less attainable for many families. It’s a reflection of the evolving economic landscape and the ongoing importance of addressing housing affordability concerns.
— Win Smart, CFA (@WinfieldSmart) September 18, 2023
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