> probably still spending a larger portion of their income on clothing than they do now.
As we have spent less of our income on things like food, clothing, etc, and increased our household income dramatically.
In 1971 median household income was c. £270/week. In 2001 £420/week, in 2011 £460/week. (figures adjusted for inflation to 2013 levels)
In 1971 housing costs were £20/week, in 2001 is was £90 a week, in 2011 £120 a week.
Half of that extra money went in housing costs.
The big changes in income (especially in normalisation of a second income) from the 70s onwards were swept up in housing. Increase everyone's wages, and we just spend it on the same houses we had before. On the flip side, decrease everyone's wages and the amount we spend on houses will reduce. That benefits everyone apart from wealthy landowners.
As we have spent less of our income on things like food, clothing, etc, and increased our household income dramatically.
In 1971 median household income was c. £270/week. In 2001 £420/week, in 2011 £460/week. (figures adjusted for inflation to 2013 levels) In 1971 housing costs were £20/week, in 2001 is was £90 a week, in 2011 £120 a week.
Half of that extra money went in housing costs.
The big changes in income (especially in normalisation of a second income) from the 70s onwards were swept up in housing. Increase everyone's wages, and we just spend it on the same houses we had before. On the flip side, decrease everyone's wages and the amount we spend on houses will reduce. That benefits everyone apart from wealthy landowners.