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Old 10-04-2015, 08:01 PM   #1
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1970's Cost Of Living

New House: $23,450
Average Income. $9,400
New Car. $3,450
Minimum Wage: $2.10/hr
Movie Ticket. $1.55
Gasoline: $.36/per gallon
Postage Stamp. $.06
Sugar: $.36/for 5 lbs.
Milk: $.62/per gallon
Coffee: $1.90/lb.
Eggs: $.59/dozen







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Old 10-04-2015, 09:31 PM   #2
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You must have lived in a different part of the country than me. Some of those prices are unrealistic.
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Old 10-04-2015, 09:48 PM   #3
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You can easily find it with 1970 cost of living chart.

Here's a comparison of 1975 and 2015:
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Old 10-05-2015, 04:26 PM   #4
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It would be an eye opener to compare healthcare cost from the 70's to today.
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Old 10-05-2015, 06:55 PM   #5
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As a comparison, when I got out of the service in 1972 I was thrilled to get an offer of $650 a month from a national CPA firm here in Buffalo. The only benefit that came with that was paid health insurance. No vacation until you had been there two years, no sick days, and seven paid holidays. Oh yes, that was salaried which meant no overtime for the 80 hour weeks during tax season.
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Old 10-05-2015, 07:10 PM   #6
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In 1966 or so when I was working a part time job while in high school I was making the minimum wage of $1.60 /hr. I remember doing the math and figured if I could make $2.00/hr I would have it "Made in the shade".
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Old 10-06-2015, 07:59 AM   #7
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My first "real" job was as a photo lab technician for Northrop/Hallicrafters Corporation in 1974, for $4.25/hr. I thought I was rich. Didn't care about health insurance then because I was 20 years old and invincible. I think it was free or extremely inexpensive.
It was nice to be that age and have money.
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Old 10-06-2015, 09:22 AM   #8
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Taxes, the big expense not mentioned.
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Old 10-06-2015, 03:26 PM   #9
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Went to work in 1963 after high school graduation for $1.15 and turned down another one that offered $1.10 (min. wage) Thought I was making it and it seemed to go a lot further than a min. wage job today. And it was much better than my $78.00 per month in 1965 when I was invited to work for Uncle Sam.
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Old 10-07-2015, 06:30 AM   #10
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My first job besides a paper boy I also had to collect monies from the resident's @ 8-10 years old in the 60dies. Then I got hired @ Uncle Johns Pancake house, busboy $ .95 per hour. fast-forward, 1976 Control Data $1.95 per hour thought I was rich.
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Old 10-07-2015, 07:45 AM   #11
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Quote:
Originally Posted by lynnmor View Post
Taxes, the big expense not mentioned.
The taxes were so much different back then. The top tax rate was around 70%, the Social Security Tax stopped at a little over $10,000 and there were deductions galore available. You could deduct sales taxes, gas taxes, and if memory serves me correctly, even cigarette taxes.

To give you a comparison, when I started my practice in 1979 my tax law service was three volumes of about 1,500 pages each. If the service were still on paper, which it is not, it would probably be in the neighborhood of 50-60 volumes of 1,500 pages each. Just to add to the confusion the tax law changes weekly with court decisions and new IRS pronouncements. Ahh, for the simple days of long ago.
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Old 10-07-2015, 10:44 PM   #12
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I went to college in 1968, and beer was $1.45 (PBR) at drive in markets. We'd get into $.99 Sterling big mouths on Friday afternoons at Walgreens. (We didn't have drugs that early.) College tuition was $117.50 per semester at my big city state university and few had to take out college loans. Nice apartments were $135 per month.

My parents sent my sister and I $150 per month spending money. A good meal was about $1.35. I worked doing grocery store inventories on weekends, and was a lifeguard at the university pool complex @ $1.85 per hour.

And life was good. I just didn't realize how good it was at the time. We had the draft to make us stay in college and be good boys. It sure beat not going to college, getting drafted and going straight into combat in Viet Nam.
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Old 10-12-2015, 08:58 PM   #13
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1977 I bought my first new Chevy Silverado pickup $5750.00
1978 I bought a new 1660 sq.ft. home $42,000.00
1978 annual salary $23,000.00
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Old 10-12-2015, 09:05 PM   #14
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In 1970 I was 18 and broke, now I'm 63 and still broke.
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