The cost of housing has increased dramatically since 1976. A house that cost $50,000 in 1975 is now worth over $1.3 million. This is a significant increase, and it has made it difficult for people to afford housing.
Housing Costs and Inflation
The federal minimum wage has not kept up with inflation, and this has made it even harder for people to afford housing. Many states and localities have set their own minimum wages above the federal benchmark to try to compensate for this.
Despite the rising costs, median household income has actually increased since 1976, even after adjusting for inflation. However, the cost of healthcare and housing has risen much faster than the overall rate of inflation.
The cost of a college education has also increased significantly, making it difficult for people to afford. This has led to a decrease in the number of people who can afford to go to college, which can have long-term effects on the economy and society.
Original reporting: KTBS 3 (Shreveport) — read the source article.
