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Cake day: February 28th, 2026

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  • thenoirwolfess@fedinsfw.apptoWork Reform@lemmy.worldWork harder, afford less?
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    21 days 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 made sure to compare the national data with at least two cities in separate regions. 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 (in 2018), 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 today. (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)