Source: Energy Information Administration; In 1960, the average cost of a plane ticket per mile was $0.06679. Presidents John F. Kennedy and Lyndon Johnson lobbied Congress for increased federal aid to education, leading to the creation of new programs. There are 60 years between 1960 and 2020 and the average inflation rate has been 3.6209%. A revolution in education took place in the United States during the 1960s. Therefore, we can resolve the formula like this: FV = PV (1 + i) n = $100 * (1 + 0.04) 60 = $874.06. The 1960s time period and OUR generation is like night & day. By 1981 the figures were $13,266 for blacks and $23,517 for whites. 1960s: White colleges were described as 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 … Source: U.S. Civil Aeronautics Board; In 1960, the median cost of a home in the US was $11,900. By 1960, with enrollment surging, even more money was needed, and a major tuition hike was forecast. Some books, like Knopf’s History of the Modern World , … Using the CPI formula. 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 … 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. 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 rules and values were far from our modern views and morals today. 1960's - School and College Life A education in the 60's. The 1960s Education: Overview. A dollar really went far in the 1960s — much farther than it does today. In 1960 the black median, measured in 1981 dollars to account for inflation, was $9,919, compared with $17,259 for whites. The federal government became increasingly education-oriented. In 1960, the average cost of a gallon of gasoline was $0.31. When the CPI for both start and end years is known, the following formula can be used: In 1960 a new house cost $12,700.00 and by 1969 was $15,500.00; In 1960 the average income per year was $5,315.00 and by 1969 was $8,540.00; In 1960 a gallon of gas was 25 cents and by 1969 was 35 cents; In 1960 the average cost of new car was $2,600.00 and by 1969 was $3,270.00 ; Misses Swinging Shifts Skirts $5.00 In the 1960s, for example, it was somewhat uncommon for a textbook to have much in the way of pictures. Claim: US State universities started charging tuition in the 60's. 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