In 1968, the cost of living was significantly lower than today, with an average home around $15,000-$27,000, gas at ~34 cents/gallon, and a new car about $2,800, while median household income was roughly $7,700, though rising inflation started straining budgets, making housing and healthcare costs climb, notes Time Magazine and Census.gov. Food was very cheap, with bread at ~22 cents and milk ~20 cents a quart, but overall expenses, especially mortgages and medical bills, were increasing.
Shoppers could get 2 pounds of bacon for 99 cents or chuck roast for 37 cents per pound at A&P. Community Cash had the best price on bread at 21 cents for a pound-and-a-half loaf, a quart of mayonnaise for 29 cents and three cantaloupes for 89 cents.
ECONOMIC CHARACTERISTICS OF HOUSEHOLDS
Median household income rose to approximately $7,700 in 1968 from the 1967 median of about $7,200.
In 1968, the average cost of a new home was $14,950. The new Ford in the driveway costs about $2800. Gasoline was 34 cents a gallon. If you rented an apartment your monthly payment was $130.
If I were being serious and fair, many complainers suggested, I would have focused on the cost trends in cars, houses, health care and college education. So let's do that and see what we find. In 1968, the average price of a new car was $2,822 ($20,806 in 2018 dollars).
In 1960, the average cost of a 3-bedroom house in the United States was approximately $12,700. This price can vary significantly based on location, amenities, and other factors, but it provides a general idea of what homebuyers faced during that era.
Before 1975, many women could be denied mortgages simply because they didn't have a husband. Thankfully, The Sex Discrimination Act of 1975 made that illegal. And women have been making up for lost time. In fact, a fifth of all home purchasers in 2023 were single women—compared to just 8% purchased by single men.
For men in the 1960s the popular jobs were being a pilot, a lawyer or a doctor. For women it was being a teacher, a secretary or a nurse. Fantasy jobs included race car driver or a soldier for men, and women loved the idea of being a stewardess (flight attendant) or a fashion model.
Introduced: 1968 Cost: $350 (approx.) Must-know: Color TV sales didn't overtake black-and-whites until 1967, but when they did, this was one of the most popular models. This bulky set was almost 31 inches high, 34 inches wide and 20 inches deep.
1968: 53 cents
Fifty years ago, a dozen eggs clocked in at 53 cents for a dozen.
The Big Mac and Apple Pie were introduced in 68. The Big Mac was about 49 cents, and the apple pie was 20 cents. A pretty simple menu compared to today.
With a $150,000 salary, you could afford a home priced around $415,000-$430,000, assuming you have $20,000 saved up for a down payment and are carrying some monthly debt already, such as a car payment or student loan. This also assumes an interest rate of 7%.
If you're 65, you're not too old to buy a house — provided you have the finances to make a down payment, cover your monthly mortgage payments, and keep up with expenses like maintenance and property taxes. In fact, the Equal Credit Opportunity Act forbids mortgage lenders from discriminating based on age.
Prior to 1974, when the Equal Credit Opportunity Act passed, a woman could not open a bank account, apply for a credit card or get a home loan without the permission of her husband. And if she didn't have a spouse, she would be refused – unless accompanied by a male co-signer.
The 1960s: Monthly mortgage for a 2-bedroom home for close to $60.00. Today: Same home costs you $1,200+ What happened 🤷♀️ ⭐️ 💲 ⭐️ Well, in 1960, I earned $2.00 an hour, as well. Compare wages for the 60s...a $60/month mortgage was more than many could afford.
The Toyota Corolla is the best-selling car model of all time, with over 50 million units sold globally since its 1966 debut, recognized for its reliability, affordability, and fuel efficiency, making it a consistent favorite for daily driving worldwide.
The Greatest Cars of All Time: The Sixties
Holding the record for the fastest classic quarter-mile time, running 13.56 seconds at 106.6 mph, this 1968 Ford Mustang 428 Cobra Jet is one of three built and only ever made! #CobraJet #Ford #Mustang #FordMustang #FordCobra #CobraMustang #FindYours #MuscleCars.