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106. The Silent Killer
Manage episode 372385311 series 3248307
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Have you ever wondered how economic fluctuations and inflation can silently impact our lives? Join us on today’s episode where we unravel “The Silent Killer.” We delve into the historical and present-day significance of income statistics and their effects on the economy.
Take a journey back in time to 1933, the worst year of the Great Depression, where we compare an individual’s average income ($4,218.40) to the relative amount in 2023, with inflation accounted for ($98,249.76). But then, fast forward to the present day. The median household income for 2017-2021 hovers around a mere $69,021 - a striking difference from the Depression-era figures.
As we fast forward to today, we’ll explore the current income landscape, analyzing per capita incomes in the US in 2021 - a staggering $37,638, equating to a mere 38.3% of the 1933 average income.
But it doesn’t stop there. “The Silent Killer” will also shed light on the relationship between income and housing prices. Journey back to January 1990, where the average home price in Fresno County stood at $82,083, with per capita and household incomes at $14,387 and $29,943, respectively, as per Census.gov.
Witness how the years of income needed to afford a home steadily increased as we entered February 2020, with the average home price reaching $289,950 in Fresno County, translating to 7.7 years of income required.
Fast forward to May 2023, and you’ll be astounded by the current average home price of $420,000 in Fresno County, which now demands a staggering 11.1 years of income!
“The Silent Killer” will unravel the implications of these income statistics on families, communities, and the economy as a whole. Join our thought-provoking discussion to understand how these silent forces shape our lives and the importance of breaking through victim mentalities to set yourself up for a flourishing retirement.
Sources:
https://data.bls.gov/cgi-bin/cpicalc.pl?cost1=4218.40&year1=193307&year2=202306
https://www.census.gov/quickfacts/fact/table/US,CA/BZA210221
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