this post was submitted on 22 Dec 2025
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[–] sourquincelog@hexbear.net 27 points 2 weeks ago (2 children)

Shit, I just did this calculation on an alt.

I compared the minimum wage and purchase price of my home when I bought it versus when the previous owner bought it

1988 purchase price: $48,000

1988 minimum wage: $3.35

Number of hours needed to work to pay for home: 14,328

Compared to

2021 purchase price: $545,000

2021 minimum wage: $13.25

Number of hours needed to work to pay for home: 41,132

House prices increased at 3x the rate of wage growth

[–] BoxedFenders@hexbear.net 20 points 2 weeks ago (1 children)

Yeah, this chart says it all:

And it's only going to widen for the foreseeable future due to historically low inventory and slowdown of new homes being built. Plus you now have to compete with venture capital buying up homes in any area with a competitive job market. And there's also the tricky dilemma with interest rates- the currently high rates make mortgages more expensive, but when they lower demand will skyrocket and inflate real estate prices.

[–] infuziSporg@hexbear.net 3 points 2 weeks ago

We may have to find places with permissive zoning code, and build stuff with less embodied energy that's intended for higher density.

[–] LeeeroooyJeeenkiiins@hexbear.net 13 points 2 weeks ago

I make like 17.50/hr. Im a chef

My dad said some shit about 1977 or 1978 being the worst year for the economy ever

Minimum wage in 1977 was something like only 20% less effectively than what Im being paid now. For somewhat skilled labor.

Minimum wage jumped up 10% in 1978 too