Main Street Finance

How Prices Have Changed In the Past 50 Years

By admin

Things sure have changed since the good old days…

Grandparents tells tales about walking to the diner after school and getting a burger and a milkshake for a nickel. Life was simpler back then. Life was cheaper.

It’s easy to forget just have significantly prices have risen over the years. Though inflation plays a large role, that’s not the whole story. Technology plays a role. Globalization. Weather. You name it.

1963 vs. Today

A recent content piece by the folks at AAG shows us where the biggest price increases have occurred over the years. Let’s take a trip down memory lane and relive the glory days when daily life was infinitely more affordable than it is today.

Want to buy a Coke today? You’ll likely spend about $1.50 at the vending machine at work. Fifty years ago? A Coca-Cola cost just $0.05.

A dozen eggs today are considered one of the cheapest items you can buy at the grocery store – usually coming in around $2.00. In 1963, twelve eggs were only $0.55.

What about a college education? We hear about the skyrocketing cost of college frequently on the news these days so it’s no surprise that a year of higher education in 2013 averaged $22,261. But half a century ago, the cost of a year of college was a paltry $1,450. Pretty surprising!

Let’s say you successfully graduate, get a job, and opt to purchase a house instead of renting. How much will you pay today? On average, a homebuyer will shell out $152,000. That’s steep! In 1963, the average cost of a new home was only $19,300.

It’s clear things have changed, but what else has felt the effects? Check out the full interactive graphic by American Advisors Group, to see what things used to cost.

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