(Added revision to this post: Please note the link to this study from Student Loan Hero below.)
I remember going to the movies for $5.00 while I was in college. Today, a movie ticket costs a minimum of $8.50 and that’s without popcorn. So, if movies cost 75% more than they did during my college days, how much does everything else cost?
Student Loan Hero, an Austin-based platform that helps people manage, refinance, pay off student loan debt, recently released a new study about how much prices have increased. Take a look.
One Gallon of Unleaded Gas
1975 – $0.60
1996 – $1.16
2016 – $1.96
One Pint of Beer
1975 – $1.12
1996 – $2.11
2016 – $3.99
Rent
1960 – $509
1980 – $740
2000 – $857 – +857% since 1960 or +750% when inflation
adjusted
Home
1960 – $90,681
1980 – $143,663
2000 – $170,319 – +905% since 1960 or +73% when inflation
adjusted
Cost of Private College
1987-88 – $15,160
2017-18 – $34,740 – +400% or +129% when inflation adjusted
Cost of Public College
1987-88 – $3,190
2017-18 – $9,970 – +571% or +213% when inflation adjusted
In 1960, the median home value was $11,900, equivalent to $98,000 in today’s dollars, according to Zillow.
In April 2018, the median home value is $210,200, according to Zillow. Adjusting for inflation, this is an increase of 114% in median home value since 1960.
Armed with this data, it makes total sense that young millennials, or anyone else for that matter, have such a tough time saving their dollars for a down payment on a home.
https://studentloanhero.com/featured/millennials-have-better-worse-than-generations-past/
