My first trip to Colorado occurred 50 years ago! As a 15 year old I flew into Stapleton International Airport in Denver and was met by what appeared to be a rickety Jeep CJ-5 and a fellow named Ed Link. I do not remember the other guy in the front seat as I was sitting on the un-cushioned wheel well in the back hanging on as we headed west and over Berthoud Pass. It seemed barely a 2 lane road then but I do remember looking out at the tops of 40 foot trees, and those amazing mountains. There was a comment from Ed about a school bus that was still resting in the trees after sliding off the last winter...hmmm? A fantastic start to what would be my first summer of being "SPIN & MARTY", a teenage cowboy duo on the MIckey Mouse Club's Western Day every Friday, not that I paid attention. I spent half of the next 2 months in the saddle which for me was heaven. But enough about me...
In 1966, a gallon of gas was $0.32 and today, it is $2.10 in Denver. 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, in Denver this past November was $370,000.
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?
Take a look at last week's post for a chart showing the last 200 years of interest rates. It is my privilege to serve you and your friends and family here in Denver. And when you have someone moving to a different part of the country, I can normally help there. Call me.