A lot of cross-referencing, finding studies/articles and historical archives of both for the time period (conveniently one from 1955 was available) regarding 2 bedroom house prices on average across the Kingdom, and the government’s data on minimum wages. I divided the house cost by the wage per hour for each period, and got the hours necessary to earn that much. I then made a very rough assumption of the ability to save 40% of the total earned and arrived at a more realistic timeframe to buy a house outright.
Once I had the monetary value of each thing I put them into the RBS Inflation Calculator to see their value today. Minimum wages in 1955 were equal to ~£25, but 2 bed house prices were nearly half the price they are now, so for the wages to match the housing market also they need to be ~£48. (I performed this study in 2018 but before an event involving the loss of most of my digital data. I should remake the study so you guys don’t rely on my memory alone)
thenoirwolfess@fedinsfw.app 3 weeks ago
A lot of cross-referencing, finding studies/articles and historical archives of both for the time period (conveniently one from 1955 was available) regarding 2 bedroom house prices on average across the Kingdom, and the government’s data on minimum wages. I divided the house cost by the wage per hour for each period, and got the hours necessary to earn that much. I then made a very rough assumption of the ability to save 40% of the total earned and arrived at a more realistic timeframe to buy a house outright.
Once I had the monetary value of each thing I put them into the RBS Inflation Calculator to see their value today. Minimum wages in 1955 were equal to ~£25, but 2 bed house prices were nearly half the price they are now, so for the wages to match the housing market also they need to be ~£48. (I performed this study in 2018 but before an event involving the loss of most of my digital data. I should remake the study so you guys don’t rely on my memory alone)
TrickDacy@lemmy.world 3 weeks ago
They asked someone how they calculated something and then you, a completely different person, answered as though you were the person being asked.
Steve@communick.news 3 weeks ago
Is it a different person?
Or just a different account?
The world may never know.
TrickDacy@lemmy.world 3 weeks ago
Pretty strange either way imo
Nouvellalia@lemmy.world 3 weeks ago
Hi, Internet, we’re all Internet. It’s like dreaming; it doesn’t have to make sense, it just has to seem like it makes sense. Does this make sense?🙏
TrickDacy@lemmy.world 3 weeks ago
We can get as trippy as you like I suppose lol. We’re all star stuff, man.
Nester@feddit.uk 3 weeks ago
Ah ok, that all makes sense to me. Thank you for taking the time to go through it 🙂