7 things a single income could buy in the boomer era—that now take two salaries

Ever catch yourself wondering how your parents—or maybe your grandparents—managed so much with just one paycheck?

I do. My mom likes to remind me that back in the late 1970s, my dad’s modest salary as an accountant was enough for a mortgage, a car, and family vacations. They weren’t living large, but they weren’t drowning in debt either.

Fast forward to today, and most couples I know are running on two full-time incomes just to stay afloat. And even then, the math often feels impossible.

So, what changed? Let’s break it down.

1. A family home

Here’s the obvious one.

Back in the boomer era, a single income could cover the down payment and mortgage on a family-sized home in a safe neighborhood. There was even room in the budget for improvements—a new roof here, a kitchen upgrade there—without the stress of going broke.

Today? You’d need a household income that’s double or even triple the national average just to qualify for a loan in many cities. In some metro areas, the price-to-income ratio has jumped from 3:1 in the 1970s to well over 8:1 now.

And it isn’t just the sticker price. Bidding wars, limited housing supply, and skyrocketing property taxes all make homeownership harder to reach.

For boomers, a house wasn’t just shelter—it was financial security. It often doubled as their retirement nest egg. For younger generations, the same roof can feel more like a lifelong debt sentence.

2. Raising children

Want to know something wild? The cost of raising a child in the U.S. has more than doubled since the 1960s, even after adjusting for inflation.

In the boomer era, one salary often stretched far enough to cover food, clothes, medical needs, and education for multiple kids. Parents weren’t panicking over $1,500 monthly daycare bills or debating whether to save for college or retirement—they could reasonably plan for both.

Now? Childcare alone can eat up an entire paycheck. For some parents, it feels like they’re working just to pay for someone else to watch their kids. And let’s not even touch the cost of extracurricular activities. Soccer, music lessons, dance recitals—what once was affordable enrichment is now a luxury line item.

This creates a psychological weight too. Parents worry about providing opportunities while simultaneously stressing about finances. Boomers had their challenges, of course, but the economic trade-offs weren’t nearly as steep.

3. A reliable car

My dad bought his first brand-new car off the lot for about $3,000. It wasn’t flashy, but it was dependable. And he paid it off without needing a loan that followed him around for years.

Today, the average price of a new car has crept past $48,000. Even a basic used car—once considered a budget-friendly fallback—can now cost as much as the down payment on a home.

And it’s not just the purchase price. Insurance premiums, registration fees, fuel, and constant maintenance all pile up. Cars used to be a tool for independence. Now, they’re closer to a rolling liability.

Most dual-income households need two cars just to manage daily life—commutes, school runs, grocery trips. That means two sets of expenses, two sets of payments, and a heavier burden that would’ve shocked earlier generations.

4. Health care

Here’s where things get really sobering.

In the boomer years, health insurance was often affordable and usually tied to stable, long-term employment. A single income could handle doctor visits, prescriptions, and the occasional hospital stay without upending the family budget.

Today, healthcare costs have ballooned beyond recognition. Premiums and deductibles can rival a second mortgage. One emergency room visit, even with insurance, can mean thousands out of pocket.

And the hidden toll? Stress. Studies show that financial anxiety around healthcare costs contributes to worse overall health outcomes. People delay appointments, skip medications, or avoid procedures because they’re afraid of the bill.

That kind of financial fragility wasn’t the norm in the boomer era. It’s a modern weight that changes how families plan, spend, and even think about the future.

5. Vacations and leisure

Do you remember flipping through old family photo albums and seeing beaches, road trips, or Disney adventures? Those weren’t out-of-reach luxuries for boomer households. One salary often covered annual vacations and plenty of weekend getaways.

Travel was affordable, gas was cheap, and theme parks didn’t require a second mortgage. Even something as simple as a family camping trip came with fewer barriers—gear and park fees were modest, and nobody was nickel-and-dimed for every add-on.

Today, even a “budget-friendly” trip can feel indulgent. Flights, hotel prices, food costs, and tickets to attractions have surged well beyond what wages can comfortably support. For many families, travel means either going into debt or settling for the occasional staycation.

Here’s the kicker: rest and leisure aren’t just “extras.” Psychologists consistently find that time away from work improves mental health, strengthens family bonds, and increases productivity. When families can’t afford vacations, they miss out on more than fun—they miss out on well-being.

6. College education

Boomers could work a summer job and pay a huge chunk—sometimes all—of their annual tuition. Imagine that today.

In the 1970s, tuition at a public university was a few hundred dollars a year. Even private colleges were manageable without loans. A single parent could often fund a child’s education while still keeping up with household expenses.

Fast forward to now: four-year tuition costs have exploded to tens of thousands annually. At some schools, the total cost rivals a luxury home mortgage. Even state schools can burden students with debt that takes decades to pay off.

This shift changes how young adults enter the workforce. Instead of graduating debt-free and building financial momentum, they often start life with a heavy chain of student loans. Parents, meanwhile, may dip into retirement accounts or take out loans themselves.

College has morphed from a ticket to upward mobility into a financial gamble. And for many families, it takes both incomes—and then some—to cover it.

7. Retirement savings

Here’s the kicker: boomers could often support a family and still save for retirement on one income. Why?

For one, pension plans were common. Many employers offered defined-benefit plans that guaranteed income for life after retirement. Add to that affordable homes and lower everyday expenses, and saving wasn’t as heavy a lift.

Today, pensions are rare. Most of us are on our own with 401(k)s or IRAs, and those depend on consistent contributions that feel impossible when two incomes barely cover the basics. Add rising life expectancies and volatile markets, and the picture gets even more complex.

Psychologically, this creates an undercurrent of uncertainty. Where boomers often assumed they’d retire comfortably at 65, many younger workers quietly wonder if retirement is even realistic. For some, the goal has shifted from “golden years” to simply “not working until I die.”

Final thoughts

It’s easy to romanticize the past, but the reality is that economic conditions really were different. Boomers weren’t superheroes—they were playing by rules that no longer apply.

One income once provided stability, security, and even some luxuries. Today, two salaries often just manage the basics.

So where does that leave us?

Well, maybe it means we need to rethink success. Instead of measuring ourselves against an outdated standard, we can start redefining what financial well-being looks like in the world we’re actually living in.

That might mean downsizing, prioritizing experiences over possessions, or building community support systems to share the load. It might mean questioning why housing, healthcare, and education are structured the way they are—and pushing for change.

Most importantly, it means giving ourselves grace. If it feels harder now, that’s because it is harder. Recognizing that truth isn’t defeat—it’s the first step toward carving out a new way forward.