[quote=JohnAlt91941][quote=ltsdd]Here’s a data point. Rent for a studio in a SD community where I grew up is renting for $900+/month. That same studio rented for $75/month 34 years ago. Today’s minimum wage – $9/hour, 34 years ago $3.10/hour.
Let me know if you seriously believe that living standards has gone up for those earning minimum wages.[/quote]
That can’t be correct, unless the renters were in the home forever by 1980 and the rent didn’t come close to keeping up with the market.
I rented a studio that went for $360 in 1987 and was going for a bit under $800 in 2010.[/quote]
$75/month is correct. Nearby, 2/2 duplexes were going for about $225-250/month back then.
Your numbers are not that far off. In your case, if the rent was $800/month in 2010, then how much do you think the rent is today?
Also, I am sure other factors played a role. The neighborhood is not anywhere as “bad” as it was back in the 70s & 80s, so I would expect that to be reflected in the rents.
