What a Difference 50 years Makes

By
Real Estate Agent with Re/Max The Producers 20110530

In 1966, a gallon of gas was $0.32 and today, it is $2.49. A dozen eggs were $0.60 but they’ve only doubled to $1.33. A gallon of milk was $0.99 and today, it costs $3.98. You could send a letter for five cents and now, it costs forty-seven cents.

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The average cost of a new car in 1966 was $3,500 and today, it will cost $33,560. New cars have more features than the earlier models but they’re still ten times more expensive. The median price of a new home was $21,700 and now, is $304,500.

Interestingly, mortgage rates are actually lower today at 4-4.5% than they were fifty years ago when they were just under 7%. The rates have been low for long enough that many people have been lulled into believing that they are not going to go up.

Yes, rates are a little higher but in perspective, they’re still a bargain. Years from now, will you be remembering and comparing what they were back when?

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Rainmaker
1,521,110
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Hi Michael - absolutely amazing isn't it?  I remember those prices and my first home was 8.5% in 1977 but by 1980 the rates were through the roof.

Dec 20, 2016 03:43 PM #1
Ambassador
3,632,990
Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Michael, OK.  When I bought my first condo back in the late 1970's, I was luck to get locked in at 17.5%.  The day after my lock, they went up to 18%!  I had some interesting words with the loan officer!  

Dec 20, 2016 04:01 PM #2
Rainmaker
3,586,359
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I remember when wanting to build a government subsidized house you had a 18 month waiting list.

Dec 20, 2016 07:47 PM #3
Rainmaker
1,673,488
Winston Heverly
Winston Realty, Inc. - Atlantis, FL
GRI, ABR, SFR, CDPE, CIAS, PA

Keeping up on your game secures success looking toward the 1st of the year.

Dec 20, 2016 10:16 PM #4
Rainmaker
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Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Los Angeles CA

Depends on the eggs. I pay $6/a dozen to our local farmer....

Dec 20, 2016 11:08 PM #5
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