Freddie compares 1980 to today and finds that while wages roughly quintupled, rent jumped 7.8 times and college tuition 13 times. A family now needs $286,000 to afford college costs versus the median household income of $77,000, making it eight to ten times harder for Gen Z to reach the same standard of living.
I'm sorry, if you only want to work 4 hours, it's going to be harder for you to get a house. We busted our behinds.
We had to bust our— Hi, Whoopi. I'm Freddie. I run numbers on the internet and I got to show you something. The minimum wage in 1980 was $3.10. It is now $7.25. The average salary was $12,500. It's now $59,000. And the median household income was $22,000 and now it's only $77,000 for a 3.5 times increase. However, rent was $243 on average. Now it is $1,900 for a 7.8 times increase. The median house price was $47,000. It is now $490,000. $19,000. And the big one, college, was $2,300. It is now $30,000. 13 times more expensive. Our median household income to feel like they did back then for rent should be $171,000 for the family, and for college it'd be equivalent to our family making $286,000. And to remind everyone, the median household income is $77,000. So whoopee, with all due respect, I think Millennials and Gen Zs have it at least 8 to 10 times harder than you all did.
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