Reply to Was there ever a time when your average nine to fiver could afford the American Dream?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Of course. My ILs raised 6 kids in a medium sized town in the upper Midwest- FIL was a public school teacher, MIL worked PT (secretarial jobs) once all the kids were in school. Had a large but modest home on a piece of land, and 2 cars, lived frugally otherwise. Put all 6 kids through college- 4 did undergrad at the local state university and 2 chose the local community college instead (all lived at home while attending). Kids worked PT once teens if they wanted a car or expensive clothes etc. FIL retired at 58 with a full pension, MIL worked until 68 by choice (enjoyed her work after being home for so many years). As for timeframe, their 6 kids were all born in the 70s. [/quote]This story could happen today[/quote]

No- not with current healthcare and college costs. [/quote]

My daughter graduated college few years ago, went on full merits scholarship, engineering degree from top school. Was able to purchase the house for herself on her own salary without our help (starting salary was 6 digits), interest rate under 3%. Totally doable on one salary today.[/quote]

So no student loans, no dependents, good salary and low interest rate (less than half of what it is today). Not quite “doable” by “todays” standards.[/quote]

She did not vote for today's standards, the low rates and plenty of jobs was during Trump's presidency. Today kids will have a choice to vote in November if they want jobs and house. [/quote]

Why make s**t up.  The unemployment rate is as low as it has ever been and the stock market is at record highs.  Interest rates were rock bottom through 2022.  Your weak reference to politics is stupid.

You also are referring to a professional…not the average American…and your daughter is single, with no family and childcare costs.[/quote]

She can easily afford childcare in DMV area even if her partner choose to be a staying at home parent. OP’s question was not about blue color jobs, her question was about anyone who works 9-5. I gave you an example that it is possible.[/quote]

Literally, the post says can the "average" American afford the American Dream.  Honestly, the answer is empirical.

1955
Median HH Income:  $4,400 (primarily single earner household)
Harvard Tuition:  $800 (18% of HHI)
UMD In-State Tuition:  $600 (13.6% of HHI)
Median Home Price:  $9,100 (107% of HHI)
Median Car Price (Ford):  $2,000 (45.5% of HHI)

2023
Median HHI Income:  $75,000 (majority two-earner household)
Harvard Tuition:  $54,269 (72.4% of HHI)
UMD In-State Tuition:  $11,505 (15.3% of HHI)
Median Home Price:  $431,000 (475% of HHI)
Median Car Price:  $48,000 (64% of HHI)

So, empirically...yes it is nearly impossible for the average 9-to-5er to achieve the American Dream on one-income.

Again, there is also a significant difference in how people saved and spent their $$$s over the generations.  As an example, my father was expected to pay 100% of his college, even though his own father was actually college-educated and was a senior corporate executive.  Now, he had come from nothing...but it wasn't that uncommon for college to be the kid's responsibility, knowing there were many, many options where the kid could work over Summers and the School year and pay for it with $0 student loans (not even sure student loans existed in the 1950s?).

Many people, especially who came of age in the 1940s and 1950s, had corporate pensions, so you weren't saving every extra nickel to pay for your own retirement.
[/quote]

No one is forced to go to Harvard and no one is forced to buy a house.  [/quote]

Nothing about your comment discredits the PP. Tit for tat. Factor in saving for retirement because few get pensions anymore. [/quote]

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