To clarify the income part, both are stated in 1995 dollars. The reality is, income has risen at a fraction of the rate of costs like housing and tuition.pic.twitter.com/dKq4RW3VeU
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To clarify the income part, both are stated in 1995 dollars. The reality is, income has risen at a fraction of the rate of costs like housing and tuition.pic.twitter.com/dKq4RW3VeU
For more sobering reads on income growth, I give you Stats Canada: https://www12.statcan.gc.ca/census-recensement/2006/as-sa/97-563/p1-eng.cfm#fam_earnings …
Oh hey, so here is the tweet redone with ALL figures indexed to 2015 constant amounts: Average family income, Canada: 1975: 76K 2015: 70K Average house price, Toronto: 1975: 270k 2015: ~700k Average tuition costs, Canada: 1975: $2500 2015: $6200 Not much better, eh?
@sunlorrie Average monthly mortgage payment based on those numbers for those reference years? It's important: my 1st was at 14%!
For your $50,000 house?
14% on 50,000 = $7,000. 4% on 700,000 = $28,000.
Doing the math: 50K starter home w/ 20% down, so a 40K loan at 14% interest & $1500 in taxes/ins is ~$600/mo, or 14.4% of your pre-tax income if you make $50K. Dedicate 20% of your pretax & you pay down $233/mo on premium. You pay a 30 yr loan in 8 yrs & save $104K in interest.
Yes, I had to show these numbers to my mom to settle her BS after saying “we had 18% interest blah blah pick yourself up by your own bootstraps blah blah”
My house was 15x the price of my parents first. They'll never understand.
But I bet you have a smartphone, a big screen TV, and high-speed internet, and eat out most nights, and always have money for a beverage when you want... Our (my) parents generation went without alot of things in order to pay for what was necessary...
Internet and a phone are a necessity for any current career. And a smart phone is cheaper than a home phone these days.
I found one of my mother's paycheques from the 70s... She made $2.65 an hour.
That's equivalent to $14.17 an hour in 2019 with inflation.
Lol, your math skills are far superior to mine. I just thought it accounted for why we had no money with a family of 5.
It does. $14.17 wouldn't support a family of 5 today either.
Although, to the point of the original point, the cost of housing was far less than it is today.
So was the amount and number of taxes/government programs that needed to be paid for.
Average tax rate for a family in Canada in 1974 was 43%, in 2009 it was 41.7% https://www.policyalternatives.ca/publications/commentary/have-taxes-changed-all-much-over-past-half-century …
This is why I dislike percentages. #IHatePercentages
50k x 43% = 21500
70k x ~45% (footnote on chart) = 31500
Gross increase of 20k - tax increase of 10k = net gain of 10k
Gross increase of 40% - tax increase of 2% = net gain of 20%
About 1/2 our gains went to gov revenue.
Um its only the second period, don't quit yet.
Hahaha
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