- Sep 17, 2008
Numbers from the US are different than for here in Canada. I pumped gas for 45 cents an imperial gallon in 1970. Now it's around $1.25/litre, or $5.63/gallon. (That's around C$4.70 USG, or US$3.50). Way more than ten times here. Minimum wage was $1.25, now it's $15 in most places; 12 times more. Houses here in Canada are fearsomely expensive in the cities; a $204,000 house would be a real bargain. Or a dump. The 172 I learned most of my flying in was $19/hour in 1973; now that exact same airplane would go for $175 and a six-year-old one, which is what that airplane was when I flew it, would cost closer to $200. The instructor was $5/hour in 1973, and now he's $55 or more.Median salary in 1968 was $7,700, median salary in 2018 was $46,800, a factor of 6.08.
Median house price in 1968 was $24,700, median in 2019 was $204,300, a factor of 8.27.
Minimum wage in 1968 was $1.60 per hour, minimum wage in 2019 is $11.10, a factor of 6.94.
Gasoline cost $0.34/ gallon in 1968, current average is $2.64, a factor of 7.79.
Difficult to find numbers on Avgas, and there were 3 grades back then and only one now.
Inflation 1968 to 2019 is a factor of 7.37.
Median rent in 1970 was $108, median rent in 2018 was $1,405, a factor of 13.01.
In 1970 median rent was 17% of median salary, in 2018, median rent was 36% of median salary. This makes it harder to get started out in life for young people, and that doesn't factor in the huge increase in tuition for those that go to college, and loan repayments for those that get them.
Taxes hurt. Income and sales taxes are higher than they were 50 years ago, leaving less for stuff like flying. Even so, the flood of imported goods mean we can own a lot of stuff that we couldn't afford back then. A lot of homebuilders then were using hand tools to build an airplane; now they can own considerable machinery, and nice stuff at that. Some of the wood suppliers back then offered cutting services, ripping spruce to widths and thicknesses required by the buyer. A tablesaw was a luxury for some, see?