General Discussion

FarCenter

(19,429 posts)

64. In 1955, the average income of men was $3400, and of women was $1100.

Sun Feb 5, 2012, 04:00 PM

Feb 2012

So the house at $10,990 was about 3 times average income, and bankers usually only considered the man's income at the time, since the woman was expected to have children and leave her job.

If you saved up a down payment of about 30%, you might get a mortgage. The rule of thumb was that your mortgage could be up to twice your annual income.

See "INCOME OF PERSONS IN THE UNITED STATES: 1955" at http://www2.census.gov/prod2/popscan/p60-023.pdf

According to this inflation calculator, $10,990 in 1995 is equal to $92,241.78 in 2011. Housing prices are clearly inflated more than other things. Food, clothing, transportion, etc. take a smaller percentage of an average family's budget than they did then. This, along with easy mortgage credit caused single family home prices to skyrocket. People were getting mortgages up to 4 times family income with little down payment at the height of the madness.

http://www.coinnews.net/tools/cpi-inflation-calculator/

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What $10,990 bought in 1955.... [View all] PCIntern Feb 2012 OP

the sad part is that any 'self respecting' family today NMDemDist2 Feb 2012 #1

Why is it sad that families can now afford larger houses? Johnny Rico Feb 2012 #7

Actually, many families cannot. NutmegYankee Feb 2012 #10

Many familes couldn't back then either. Johnny Rico Feb 2012 #14

Buying more house than is affordable is a major reason we had this crash. NutmegYankee Feb 2012 #20

As I said, it's foolish to buy more than one can afford. Johnny Rico Feb 2012 #23

"it's no one's business but my own how many toys I purchase" NutmegYankee Feb 2012 #25

Do you think it *is* your business? Johnny Rico Feb 2012 #26

Welcome to the wonderful world of opinions. NutmegYankee Feb 2012 #27

We're copacetic, then. Johnny Rico Feb 2012 #31

Nobody is suggesting that your purchases be curtailed or The Velveteen Ocelot Feb 2012 #48

To each their own. Johnny Rico Feb 2012 #58

It's interesting that most other animals understand instinctively The Velveteen Ocelot Feb 2012 #73

"But what is the great bulk of advertising other than the stimulation of greed, envy and avarice?' hfojvt Feb 2012 #29

Yet still open to criticism... LanternWaste Feb 2012 #77

Absolutely. Criticize away! Johnny Rico Feb 2012 #78

Boy +++++1000. n/t Johnson20 Feb 2012 #53

right! but a smaller older home will elicit NMDemDist2 Feb 2012 #15

The problem is that many can't. The Velveteen Ocelot Feb 2012 #16

Who's to say what a family "needs"? Johnny Rico Feb 2012 #21

Ah - there's the rub. What does "afford it" mean? The Velveteen Ocelot Feb 2012 #28

In other words, some people made foolish choices and suffered the consequences. Johnny Rico Feb 2012 #32

That's exactly what the Republicans say about the housing crash. The Velveteen Ocelot Feb 2012 #35

And in such cases (fraudulent lending & falsified documents) the lenders are at fault. Johnny Rico Feb 2012 #39

Sure you are in the right place? sarcasmo Feb 2012 #38

Yup. Johnny Rico Feb 2012 #41

... why is it anyone else's concern? oldhippie Feb 2012 #33

Surely that's the problem of the envious, then... Johnny Rico Feb 2012 #40

yep .... oldhippie Feb 2012 #76

1. Often, they can't krispos42 Feb 2012 #82

While it can be interesting to discuss what a family "needs", Johnny Rico Feb 2012 #84

It's not "a" family, though, that's the issue. krispos42 Feb 2012 #91

Let's assume for the sake of argument that you're entirely correct. What now? Johnny Rico Feb 2012 #92

Well, there are a bunch of ways it could be done krispos42 Feb 2012 #93

I have one bathroom and we own a small cape. Jennicut Feb 2012 #81

My wife and I are looking at a 5,000 square foot house joeglow3 Feb 2012 #83

And don't forget damn near the entire thing was built out of asbestos and painted with lead paint NNN0LHI Feb 2012 #2

we burned everything in the incinerator including plastics... PCIntern Feb 2012 #3

We bought our four-square in 1964 Frustratedlady Feb 2012 #4

Hmm. ananda Feb 2012 #5

$22K won't even buy a new car these days.... NMDemDist2 Feb 2012 #12

Sure it will. Johnny Rico Feb 2012 #18

Taking inflation into account... Johnny Rico Feb 2012 #6

And yet we still have pennies FreeJoe Feb 2012 #80

Complete agreement. While we're at it, let's stop making dollar bills. Johnny Rico Feb 2012 #85

I want one of those instant hot water coils. senseandsensibility Feb 2012 #8

The "city coil" was great during the winter.... catnhatnh Feb 2012 #37

This message was self-deleted by its author Tesha Feb 2012 #71

They still make them, old Pennsylvania style... hunter Feb 2012 #72

In 1956 we moved into this house: The Velveteen Ocelot Feb 2012 #9

you had central air in 1955? hfojvt Feb 2012 #11

I think he means one of those huge "window" AC units that can cool a house. nt NutmegYankee Feb 2012 #13

No...I meant central air... PCIntern Feb 2012 #42

That's defiantly a rarity for that era. NutmegYankee Feb 2012 #51

'twas... PCIntern Feb 2012 #61

My house was built in 1951, and didn't come with central a/c tammywammy Feb 2012 #55

Not to mention the dishwasher MiniMe Feb 2012 #17

I forgot our dishwasher was the same way hfojvt Feb 2012 #24

We had one of those. The Velveteen Ocelot Feb 2012 #30

I had one of those dishwashers in one of my residences The Genealogist Feb 2012 #68

DH's family built a house in 1950 and had central air proud2BlibKansan Feb 2012 #44

Garden Lane, Bensalem (formerly known as Cornwells Hts.), PA 19020 PCIntern Feb 2012 #86

oh and a dryer? hfojvt Feb 2012 #19

My old rule of thumb was to..... mrmpa Feb 2012 #22

My first house was a little bit smaller quaker bill Feb 2012 #34

Now plenty of people live have to survive on 11,000 a year. sarcasmo Feb 2012 #36

If by "plenty", you mean 9%, you're quite right. Johnny Rico Feb 2012 #45

He was referring to personal income. NutmegYankee Feb 2012 #59

I was looking for personal income, but only came across household income. Johnny Rico Feb 2012 #60

Here's a Wiki with the 2008 US Census American Community Survey data. NutmegYankee Feb 2012 #62

Thanks! A nitpick (and it's only that) on the 19% figure, though: Johnny Rico Feb 2012 #63

I guessed 19% because incomes have dropped since 2008. NutmegYankee Feb 2012 #75

My parents paid $27K for a house on an acre of land proud2BlibKansan Feb 2012 #43

I was 23 years old when I saw my first $100 bill in real life... PCIntern Feb 2012 #47

The story I tell whenever anyone talks about the good ole days -- proud2BlibKansan Feb 2012 #49

Even later in the early 70s tammywammy Feb 2012 #50

That's right. It wasn't illegal to beat your wife until the 80s I think. proud2BlibKansan Feb 2012 #52

My mom was strong tammywammy Feb 2012 #54

funny how most businesses don't want anything above a $20. Liberal_in_LA Feb 2012 #87

My parents bought a home in 1964 for $12,500. and a payment with tsuki Feb 2012 #57

My wife's grandmother had a similar story when we bought our house joeglow3 Feb 2012 #88

Here was one of the most popular TV shows from that era NNN0LHI Feb 2012 #46

It's better than Fear Factor.... Johnny Rico Feb 2012 #56

Needs more reverb. high density Feb 2012 #66

In 1955, the average income of men was $3400, and of women was $1100. FarCenter Feb 2012 #64

i'm impressed with the central air - My parents bought a house in 1957 and one in 1962 - neither had karynnj Feb 2012 #65

That's $88,000 inflation adjusted. You can buy a new house right now for $50k in certain areas. joshcryer Feb 2012 #67

The median home listing price in Detroit is under $10,000 today. FreeJoe Feb 2012 #79

Those houses aren't worth it, they're old, run down, out of date. joshcryer Feb 2012 #89

In 1978 mick063 Feb 2012 #69

In the early 1950s, my mother and stepfather bought a house for $7,000 RebelOne Feb 2012 #70

Last night I was reading a book by Frank Lloyd Wright that showed the price of some of his homes Vinca Feb 2012 #74

The adverage income in 1955 was $4137. today actually 2010 the average income was $46,362. Synicus Maximus Feb 2012 #90