Early 1950s - House Prices $7900 / Less Than $50 Month Mortgage Payment

50x12x25=15,000

$50/mo x 12 months x 25 years = 15,000

THE BANKS MADE 15,000-7900 = $7100.00 over 25 years

in canada a home work $15,000-$20,000 in 1955/1956
25 years later, was worth $100,000.00

 

early 1950s
50x12x25=15,000
$50/mo x 12 months x 25 years = 15,000
THE BANKS MADE 15,000-7900 = $7100.00 over 25 years
The 1950s were the 'never had is so good' years.
Wages were rising quickly, but living standards were well below today's.
On average people earned a lot less than they do today,
even allowing for inflation.
In 1950 the average weekly wage was £5.60 = 8.75 cdn
= or; 6.75 usd / week - so; 8.75x52
=37.92 per month in cdn funds
Most people did NOT have a car payment - you could buy a used car for $100-$500 - and; a new one was maybe about $3500 ???
in canada a home worth $15,000-$20,000 in 1955/1956
25 years later, was worth $100,000.00
in the old days before mortgages
you bought a home/farm on a line of credit
over 10 years
$1000/10=100/year
plus 5% interest
year 1 $100 Principle $50 Interest Balance owing $900
year 2 $100 Principle $45 Interest Balance owing $800
year 3 $100 Principle $40 Interest Balance owing $700
year 4 $100 Principle $35 Interest Balance owing $600
year 5 $100 Principle $30 Interest Balance owing $500
year 6 $100 Principle $25 Interest Balance owing $400
year 7 $100 Principle $20 Interest Balance owing $300
year 8 $100 Principle $15 Interest Balance owing $200
year 9 $100 Principle $10 interest Balance owing $100
year 10 $100 Principle $5 interest Balance owing ZERO
Received your deed
in 1973 when i started working part-time it was $1.65/hr; however; i got $3.51 Plus shift premiums (i didn;t do jobs like rest/or dishwasher or cleaner etc) ; so; i made more money