Imagine a time when houses were $125k and a typical family had incomes of $40k and $25k for the spouses. And they only paid about 10% income tax in that bracket.
Go back another 40 years and houses were $20k and the average salary was $15k, with less than 5% taken off in income tax.
If you're talking about 1951:
Average family income was estimated at $3,700 in 1951
The average home price in 1951 was approximately $7,354
Just about 2x income; MUCH MUCH better than today.
His parents only paid 125K when they bought it in 91 and now it's worth nearly 3 million. Who can keep up with that kind of inflation?
Imagine a time when houses were $125k and a typical family had incomes of $40k and $25k for the spouses. And they only paid about 10% income tax in that bracket.
Go back another 40 years and houses were $20k and the average salary was $15k, with less than 5% taken off in income tax.
If you're talking about 1951: Average family income was estimated at $3,700 in 1951 The average home price in 1951 was approximately $7,354 Just about 2x income; MUCH MUCH better than today.
Tax rates:
Tax Rate Over But Not Over
20.4% $0 $2,000
22.4% $2,000 $4,000
27.0% $4,000 $6,000
30.0% $6,000 $8,000
...
and it goes all the way up to 91%
Sounds about right. My grandfather paid about 5k for his house after he served in the Pacific.
Was San Bernardino.
Before my Grandma died, went to visit.
Before I got out of my car, about 50 Mexicans exited their houses and stared at me.
I knocked on door and grandma answered.
Asked her what was up with all these people watching me.
She said, "they are very protective of me. I am the last of the ww2 Vets living here."
I will never forget how legal hard working immigrants love our country and it's history.
Legal immigrants are some of the most patriotic Americans. Love them!
Massive respect
I’m super curious where our economy will be after the FED and federal taxes are eliminated, and we revert back to a gold backed currency.
Prices, income rates, everything could drop like a rock to historic lows.