Originally Posted by Rabbi
It would only take one wage earner now....if such a person lived in the exact same way as a person did in the 60's.
Not true. Depends where you live.
I know plenty of houses/locations in SoCal (where I was born and lived for over 30 years) that where built in the 60's, where very middle class affordable back in the 60s on 1 income families and now cost 600k+. I don't think getting rid of your TV/Cell phone/1 car is going to make it affordable for a 1 income middle class family.
When my wife and I graduated we where able to afford a nice house in SoCal on our entry level salaries. Today, that house costs 3 times as much, 600k+, and entry level salaries for the same positions are almost exactly the same as they where 15 years ago. No way we could afford that house today if we just graduated.
Even if we get rid of TV/Cell Phone/extra car, it still would not be affordable and this is on 2 incomes not 1.
Cost of living vs income is definitely worse today compared to 15 years ago and as well as when my dad was my age even with the same standard of living.