As SLH’s data shows, housing prices have gone way up. In 1960, the median home value in the U.S. was $11,900, which is the equivalent of around $98,000 in today’s dollars, and in 2000, SLH notes, it rose to over $170,000. And it has only kept rising. As of April 2018, the median home value has ballooned to over $210,200, according to Zillow. Adjusting for inflation, that’s a 114 percent increase since 1960.
The cost of higher education has grown at an astonishing rate as well. Attending a public university in 1987 cost around $1,490 per year, the equivalent of $3,190 in today’s dollars, Student Loan Hero reports, citing data from College Board. For the 2017-2018 school year, students forked over an average of $9,970 in tuition and fees. That’s an increase of 212 percent.
To attend a private university, students paid an average of $7,050 in 1987, or $15,160 in today’s dollars. In 2017-2018, that price had grown to $34,740, an increase of 129 percent.
No wonder so many millennials are having a hard time saving.
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