And if you look at the prices of these things through the eyes of a minimum wage earner (when comparing 1970 to today), the prices at the grocery store have gone up about 30%, the cost of education has roughly tripled, and the cost of a home has also roughly tripled.
Is There A Solution?
Like it or not, students of today are not going to be able to follow the comparatively fortunate path of their parents -- and especially not the path of their grandparents. If they want to have a financially successful life, they're going to have to compete their way into an ever more limited and smaller segment of above-average income receivers. (Example: today in San Francisco, as already mentioned, you have to be in the top 5% of income receivers to buy a median-priced home. This was of course not the case 40-50 years ago.)
(Source for these last 4 sections.)
(Article changed on January 11, 2015 at 11:38)
(Article changed on January 11, 2015 at 16:23)