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Dagwood222 ,

In 1960, minimum wage was $1.00/hour and the price of the average home was $11,000.00. Of course people wanted to work hard and save, because they could see that it paid off almost instantly.

BTW, in 1960 $1 million would buy a mansion, a few nice cars, and a couple of businesses. Today, it’s what a rich guy pays for a party.

DerisionConsulting ,

I wanted to see a graph, and couldn’t find one online.

It looks like, at least in the middle of Canada, being born between 1960 and 1980 was the ideal time if you wanted to buy a home.

This doesn’t take into account mortgage rates, tax rates, average household income, unemployment rates, or other cost of living expenses.
I just wanted a little chart, not to lose my whole day

In the middle of Canada; Winnipeg, MB:

Year Minimum wage House price Price/wage (lower is better)
1960 $0.66 $15,151 22,956
1970 $1.50 $51,678 34,452
1980 $3.15 $53,513 16,988
1990 $4.70 $87,173 18,547
2000 $6.00 $95,520 15,920
2010 $9.50 $231,411 24,359
2020 $11.90 $299,994 25,209

Lazy sources:
www.gov.mb.ca/labour/standards/history-min.html
www.youtube.com/watch?v=v3TKC-H0omc
www150.statcan.gc.ca/n1/…/dq980512-eng.htm

ShaggySnacks ,

Minimum wage had an increase of 1,703%. Housing had an increase of 1,880%.

SuddenDownpour ,

That early minimum wage growth is huge. 2,5x during 1960-70, then 2x 10 years later. Imagine minimum wage being $30 by 2030, then $60 by 2040.

DerisionConsulting ,

If we wanted things to keep pace with the house price to wage ratio of 1980(for people born in 1960), Minimum wage should’ve been $17.66 in 2020.

AngryCommieKender ,

In 1960 you could buy an estate in Beverly Hills, or La Jolla, for a cool $100,000

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