MossRoad
Super Moderator
- Joined
- Aug 31, 2001
- Messages
- 58,122
- Location
- South Bend, Indiana (near)
- Tractor
- Power Trac PT425 2001 Model Year
Perhaps the biggest change I've seen in my lifetime is the fact that I can remember when $1.50 an hour was a pretty good wage, and anyone who made $10k a year was quite wealthy.Our first house cost $12,250 and a $106 a month payment, including taxes and insurance was a strain on the budget.
I just went through a bunch of my dad's papers last month. He went to Notre Dame University. After high school, he worked for a year to earn the $600.00 tuition for the first year. Then he quit for a year to earn another year's tuition. He went back and joined the ROTC program, went into WWII as a lieutenant, fought the Japanese for 4 years, came back and used his G.I. money to finish the last two years of N.D. So it took him about 8-9 years to get through college for about $2500.00, which today costs about 100K. He bought his first house in 1949 for about 5K. He was making about 5K per year as an architect, and that was a good wage.
In 1985 we bought our first house for 20k. We had 2K down payment, and had to borrow 18K. We paid 3 points to get the mortgage down to 12.5% :shocked: Had we paid that house off in 30 years we would have paid 92K for an 18K loan! I, for one, don't want to go back to those "good old days"! :laughing: