What a Difference 50 years Makes

Written By: Miller and Associates Realty On: 20th December 2016 Under: Buyers, General, Mortgage / Interest Rates, Panama City Condos, Panama City Subdivisions

In 1966, a gallon of gas was $0.32 and today, it is $2.49. A dozen eggs were $0.60 but they’ve only doubled to $1.33. A gallon of milk was $0.99 and today, it costs $3.98. You could send a letter for five cents and now, it costs forty-seven cents.

The average cost of a new car in 1966 was $3,500 and today, it will cost $33,560. New cars have more features than the earlier models but they’re still ten times more expensive. The median price of a new home was $21,700 and now, is $304,500.

Interestingly, mortgage rates are actually lower today at 4-4.5% than <.99 and today, it costs .98. You could send a letter for five cents and now, it costs forty-seven cents. The average cost of a new car in 1966 was ,500 and today, it will cost ,560. New cars have more features than the earlier models but they’re still ten times more expensive. The median price of a new home was ,700 and now, is 4,500. Interestingly, mortgage rates are actually lower today at 4-4.5% than they were fifty years ago when they were just under 7%. The rates have been low for long enough that many people have been lulled into believing that they are not going to go up. Yes, rates are a little higher but in perspective, they’re still a bargain. Years from now, will you be remembering and comparing what they were back when? Call us at Miller & Associates today to find your perfect home. Whether you are looking for your 1st home, vacation home or investment property... we can help you find the perfect home in the Panama City Beach Area.