Has it been 40 years already? Four decades since I graduated from Texas A&M? I remember leaving college with dreams of someday making $10,000 a year (that’s what happens when you major in journalism). While that seems amazingly inadequate today, remember that the minimum wage in 1964 was $1 an hour, and the average annual salary less than $5,000. A gallon of milk was 95 cents, and regular gasoline was 30 cents a gallon.
Real estate has changed a lot in those 40 years, too. There were 64 million homes in the United States in 1964. Today there are 121 million. The homeownership rate today stands at a record 69 percent — 5 percent more than 40 years ago.
If we start listing all the new household products developed during the last four decades, the list gets long quickly. Life today is easier, more comfortable, more organized and safer than it was “back then.”
Tankless hot water heaters, zoned air conditioning, ovens that turn into refrigerators and washers and dryers that communicate via computer were unimaginable in the 1960s — even on the “Twilight Zone.”
In 1964, a new kind of insulation was introduced — fiberglass. That same year, another product was hailed as “the miracle laminate of the space age.” The New York World’s Fair featured it in the Formica House.
Forty years ago, homeowners were happy just to have their homes heated and cooled to a comfortable temperature. Today, that’s not good enough. Now we talk about the home’s indoor air quality — including humidity control, air purification and temperature. According to the National Council of the Housing Industry, more than 80 percent of today’s homeowners believe air quality is very important.
I recall when air conditioning was considered a luxury. Today we take it for granted. Of course, not everyone has a sophisticated climate control system in their home yet, but that day will come.
If you remember when fondue was “hip” and Tang was the latest drink sensation, then you also probably lived in a home with an avocado green kitchen and shag carpets. I did. Forty years later, kitchens feature stainless steel design, oversized islands and walk-in pantries.
The typical 1964 kitchen was isolated from the rest of the home and largely the domain of the stay-at-home mom. With both parents working today and children loaded with after-school activities, mealtime is the only time of the day families are together — if then. So the kitchen has expanded into the cooking, homework and bill-paying center open to the family room.
In 1964, many homes were single story; the average size was 1,470 square feet. The split-level ranch design was most popular. Today homes are larger (2,302 square feet average) even though households are smaller. Homes now have specialty areas such as home offices, gyms and media rooms.
The American Dream home looks different today than it did in 40 years ago. Considering the average price has jumped from $20,500 to $246,000, I’m really glad my salary didn’t level off at $10,000 per year.
