In recent times there have been several economic problems that have led to a higher cost of living. These range from wars pushing up the price of gas, to housing being harder to come by due to rises in population. But this has happened before as well. It’s interesting to see what has changed through the years, and how much things cost now in comparison to back in the 1970’s for example. So what was the cost of living in the 70’s? To work this out it’s important to factor in the various financial stresses.
What the Economy Looked Like Back Then
When we cast our eyes back to the 1970’s we can see that they had their ups and downs, and various problems to deal with. Chief of which was known as Stagflation. The term Stagflation refers to when prices continue to rise despite there being no growth in the economy itself. This period suffered some extended periods of economic weakness.
Gas Prices Saw an All Time High
The price of gas soared to record-setting heights as various factors made it more and more expensive. Mainly due to oil embargoes and changes in overseas regimes, the cost of filling up the family car was more than it had ever been: a full 23 cents per gallon more in ‘74 than it cost in ‘72 due to the oil crisis alone. That’s a rise from $2.51 to $3.19 in today’s money, and that’s in just two years.
How Much for a Loaf of Bread
Breakfast and lunch would not be the same without this staple food. A regular item on many grocery lists, bread is more a necessity than a luxury. And the cost of bread often shows the health of an economy. Bread in the 1970’s cost just $0.25, which is half of what it would cost 10 years later.
Were Televisions Expensive
The invention of the television happened way back in 1927. The more recent invention of the color TV was still something of a luxury. If you could afford one it meant that you were doing well for yourself. In the 1970’s the cost of a color TV was $599, which translates to a whopping $4000 today if you factor in inflation.
Health Costs in the 70’s
It is common knowledge that the price of seeing a doctor or going to the hospital for any kind of treatment is at an all-time high. While it was still less than ideal then, the cost of an average period of hospitalization in the 1970’s was $693.
How Much for Public Transport
No matter the year, public transport is an important part of most people’s day-to-day life. Whether it’s getting to and from work, or taking the kids to school, it is a much-needed service. People in the 70’s had it pretty good though as an adult bus fare was just $0.20 with a child’s fare at $0.10.
What if you Wanted To Buy a Car?
For those who have a larger household income, the family car has always been a more viable option. But how much did it cost to buy a car in the 70’s? The average price of a car back then was $3,542 which was just shy of 40% of a family’s annual income.
Airfare Prices in the 70’s
Getting from one part of the country to another costs less now than it ever has done. Before the 70’s airfare prices were so high that many could not afford to use this method of transportation. That would of course change in time, but back then the price was still quite high at an average of $915. The invention of more efficient aircraft would see the price fall in later years.
Housing Prices Soar
We are currently seeing a return to the old in terms of housing, with there being more demand than ever. The situation was similar in the 1970’s. House prices soared and almost doubled in just five years. The cost of buying a house in 1970 was $27,000 compared to $40,000 in 1975.
And if you Rented Rather Than Bought
The housing crisis during the period of stagnation seen in the 70’s did not just affect those buying a house. People who rentedsaw a massive jump in prices also. The average rental price in the 1970’s was $108 per month, which was a massive 65% increase from the 60’s.
What About Groceries
People need to eat food to live, this is a fact of life. The price of feeding a family also fluctuates and can contribute to the cost of living. The cost of 1lb of boneless hams in the 1970’s was $2.29. Ground beef was $0.98 per pound. Potatoes were also $0.98 but for 10 pounds. And milk cost $1.25 per gallon.
Utility Costs in the 70’s
With the oil crisis happening at the start of the decade, the cost of gas skyrocketed. The price of many other utilities rose also. The average cost of utilities for a household in the 70’s was around $100.
Price of Clothing
In a time well known for many changes in fashion, people spent heavily on clothing. The average price of a piece of clothing has almost doubled since then. Between then and now the price of comparable clothing has risen from $20 to almost $44.
Going to the Ballpark
Entertainment is the backbone of society, and the cost of social interaction is a key part of the family budget. This is another area where prices doubled between 1968 and 1978. From $3.50 to $6.00 for box seats and $2.50 to$4.75 for grandstand.
What About Concert Tickets
With some of the greatest bands ever to perform coming from the 70’s, another great way to entertain yourself or your family was to see a concert. Believe it or not, concert tickets in the 70’s ranged from $10 to $15 even for the biggest bands.
How Much did the Average Family Owe
Debt is another factor that fluctuates due to the economy. Stagnation meant that the average household debt was now higher than ever before. But it still wasn’t as high as it would be in years to come. In 1976 the average debt per household was just over $10,000 which would more than triple between then and now.
The Price of Eating Out
Going out for dinner either on a date or with the family is another entertainment staple. But how much did going out for a burger cost back in the 1970’s? Well In 1970 a burger from a popular fast-food restaurant was just $0.18. Five years later that same burger would cost $0.28.
High or low
The cost of most things has changed drastically over the years. Now you can see exactly how it has risen or fallen over the years between 1970 and the present day. This should give you some idea of what prices might have been back then.
19 Grim Realities of Dating After 50 That Are Often Overlooked
19 Grim Realities of Dating After 50 That Are Often Overlooked
26 Things That Will Be Extinct Because Millennials Refuse to Buy Them
26 Things That Will Be Extinct Because Millennials Refuse to Buy Them
24 Outdated Slang Terms You Absolutely Shouldn’t Be Using Anymore
24 Outdated Slang Terms You Absolutely Shouldn’t Be Using Anymore
25 Hardest Parts About Getting Older That No One Ever Talks About
25 Hardest Parts About Getting Older That No One Ever Talks About
