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Different system, different world ? A dollar really went far in the 1960s — much farther than it does today. How The Cost Of College Went From Affordable To Sky-High In the decades following World War II, many American families had a lot of help paying for a college … Using the CPI formula. In social terms, the number of college students doubled between 1940 and 1960 to 3.6 million, creating a huge pool of high-minded if sometimes … 1960s: White colleges were described as A revolution in education took place in the United States during the 1960s. Source: U.S. Civil Aeronautics Board; In 1960, the median cost of a home in the US was $11,900. During the 1960s, segregation was definitely POWERFUL. Before you get too nostalgic, remember that the median household income in 1967 was $7,143, and the minimum wage was $1.40 per hour. The federal government became increasingly education-oriented. By 1981 the figures were $13,266 for blacks and $23,517 for whites. There are 60 years between 1960 and 2020 and the average inflation rate has been 3.6209%. The 1960s Education: Overview. In the late 1960s and early 1970s, widely-cited reports from the Bureau of the Census showed that a college-age youth from a family with an income over $15,000 was nearly five times more likely to be enrolled in higher education than one from a family with an income of less than $3,000. In 1960 the black median, measured in 1981 dollars to account for inflation, was $9,919, compared with $17,259 for whites. By 1960, I was in my third year at School and this was the time you chose the subjects you'd be taking for the rest of your education, This meant saying goodbye to subjects such as Music and Gardening which was a shame as it's those two subjects which came to be a major part of my life! In 1960, the average cost of a gallon of gasoline was $0.31. By 1960, with enrollment surging, even more money was needed, and a major tuition hike was forecast. Presidents John F. Kennedy and Lyndon Johnson lobbied Congress for increased federal aid to education, leading to the creation of new programs. Therefore, we can resolve the formula like this: FV = PV (1 + i) n = $100 * (1 + 0.04) 60 = $874.06. Source: Energy Information Administration; In 1960, the average cost of a plane ticket per mile was $0.06679. When the CPI for both start and end years is known, the following formula can be used: The 1960s time period and OUR generation is like night & day. How Much Stuff Cost In 1960. Of course, on the other hand, that same year, an average American home cost $24,600, and a […] Claim: US State universities started charging tuition in the 60's. Some books, like Knopf’s History of the Modern World , … In the 1960s, for example, it was somewhat uncommon for a textbook to have much in the way of pictures. 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