A Taste of the 1970s? (2024)

Inflation is edging higher, which doesn’t bode well for interest rates. The consumer price index rose 1.7% year over year in February after having sunk to nearly zero in the early months of the pandemic. The increase was driven by higher prices for used cars, utilities, meat, and health care. In addition, rental housing costs rose 1.5%. And while February home prices rose 15% for the year, they’re not in the index.

Besides causing consumer irritation, inflation can push up mortgage rates. The Federal Reserve recently said it won’t raise interest rates until at least 2023. No matter, mortgage rates will still climb.

Millennials have never experienced 1970s-era inflation, but they could get their first taste. Then, inflation averaged 7.1% annually, topping out at 11% in 1979—the same rate as the 30-year fixed mortgage. The primary cause? Excessive printing of money. And something similar is occurring now.

The Fed prioritized reducing unemployment and keeping inflation under 2%. But its goals have loosened, and inflation as high as 5% may be tolerated.

So why does inflation lead to higher mortgage rates? Lenders don’t want to issue loans at very low rates, knowing that, if they did, their returns would fall. While the Fed has said it won’t change very short-term rates, it can’t control long-term rates, which can easily rise if lenders get nervous about inflation. For now, mortgage rates are still very attractive at around 3%.

One component to monitor is housing rents, which, before the pandemic, were rising by 3.8% annually. Rental demand softened due to the pandemic, but now that jobs are returning, vacancies are falling and rent increases may again approach 4%. As a result, inflation will end the year above 2%. Higher inflation looks likely in 2022 and beyond. As mortgage rates head higher, becoming a first-time homeowner will get tougher. But current owners have fewer worries. In the 1970s, the median home price rose from $23,000 to $55,700, an average annual gain of 9.9%—and a reminder of the wealth-building potential of homeownership.

Housing Inventory Remains at Record Low

Housing inventory remained at a record low of 1.03 million units at the end of February, down by 29.5% year over year, which is a record decline. Meanwhile, homes are practically flying off the shelves.

A Taste of the 1970s? (2)

A Taste of the 1970s? (2024)

FAQs

A Taste of the 1970s? ›

Many remember the 1970s as a decade of soaring inflation, political upheaval, and the erosion of United States' prestige worldwide. But the significance of the seventies goes beyond high gas prices, Watergate, and Vietnam - profound changes to American politics, societal norms, and the nation's economy took root.

What food was famous in the 1970s? ›

You Know You're From the '70s When You Crave . . .
  • 1/11. Quiche. ...
  • Getty Images. 2/11. ...
  • Devon Scoble. 3/11. ...
  • 4/11. Hamburger Helper. ...
  • 5/11. Fondue. ...
  • 6/11. Pasta Primavera. ...
  • 7/11. Fajitas. ...
  • 8/11. Black Forest Torte.
Feb 10, 2022

What were the 70s known for? ›

Many remember the 1970s as a decade of soaring inflation, political upheaval, and the erosion of United States' prestige worldwide. But the significance of the seventies goes beyond high gas prices, Watergate, and Vietnam - profound changes to American politics, societal norms, and the nation's economy took root.

What was for dinner in the 70s? ›

Check out the top 1970s recipes, and get ready for a dose of nostalgia.
  • 01 of 38. Cheese Ball III. ...
  • 02 of 38. Stuffed Artichoke Hearts. ...
  • 03 of 38. Brown Bean Chowder. ...
  • 04 of 38. Green Goddess Dip. ...
  • 05 of 38. Idaho-Style Finger Steaks. ...
  • 06 of 38. Slow Cooker 5-Mushroom Barley Soup. ...
  • 07 of 38. Pineapple Chicken. ...
  • 08 of 38. Penne Primavera.
Apr 17, 2021

What was popular in the 70s? ›

Popular styles included bell bottom pants, frayed jeans, midi skirts, maxi dresses, tie-dye, peasant blouses, and ponchos. Some accessories that will help pull together your early '70s Hippie outfits are chokers, headbands, scarves, and jewelry made of wood, stones, feathers, and beads.

What was the most popular 1970 dessert? ›

1970s: carrot cake

In fact, the sugary bake, made with grated carrots, raisins, cinnamon, oil, sugar and cream cheese frosting, was listed as one of the top five fad foods of the 1970s by Food Network.

What did hippies eat in the 70s? ›

The cuisine that the counterculture took to in the late 1960s, and then helped introduce to the mainstream in the 1970s, embraced whole grains and legumes; organic, fresh vegetables; soy foods like tofu and tempeh; nutrition-boosters like wheat germ and sprouted grains; and flavors from Eastern European, Asian, and ...

What was the craze in the 70s? ›

In the 1970s, disco arrived armed with keyboards, drum machines, sugary lyrics, and extended dance breaks. Artists such as the BeeGees, ABBA, and Donna Summer crooned their way into the hearts of people in America, Europe, and beyond. Bell-bottom pants, feathered hair, and big sunglasses were all disco accessories.

What was the big thing in the 70s? ›

The Vietnam War and the Anti-War Movement. The End of the Civil Rights Movement. The Gay Liberation Movement. The Watergate Scandal.

What was a common breakfast in the 70s? ›

13 Breakfast Foods From The 1970s That Will Make You Cringe
  • Mayoneggs. One might argue that isn't much different than using cottage cheese or cream cheese to make fluffy scrambled eggs. ...
  • Fish Stick Breakfast. ...
  • Crazy Cow Cereal. ...
  • Creamy Salmon Brunch. ...
  • Swedish Birds' Nests. ...
  • Cheese-Egg Bake. ...
  • Eggs a l'Orange. ...
  • Salmon and Prawn Pancake.
Jan 31, 2019

What snacks came out in the 70s? ›

10 Most Popular Snacks from the 70's You May Have Forgotten About
  • Jell-O Pudding Pops. The original Jell-O pudding pops are no longer available since the 1990s. ...
  • Carnation Breakfast Bars. ...
  • Danish-Go-Rounds. ...
  • Laffy Taffy. ...
  • Reese's Pieces. ...
  • Kellogg's Concentrate Cereal. ...
  • Hunt's Snack Pack Chocolate Pudding. ...
  • Pop Rocks.
May 24, 2023

What candy came out in 1970? ›

The Blow Pop, Curly Wurly, Ring Pop, and an all-time favourite, Reeses Pieces all reign from the 1970s. Reminisce about the good days filled with bell-bottoms and discos with these top 12 candies from the 1970s. Also, the 1970 retro candy gift box is a perfect gift for anyone's birthday or special occasion.

What food was invented in 1970? ›

1970: Orville Redenbacher's Gourmet Popping Corn is introduced. Agronomist Redenbacher has found a yellow corn that expands nearly twice as much as other brands.

What chocolate was popular in the 70s? ›

Curly Wurly is one of the best and most delicious chocolate bars to come out of the 1970's!

What is in a dirty hippie? ›

A dirty hippie is chai latte with a shot of espresso, while an affogato is a traditional Italian dessert of espresso poured over a scoop of ice-cream.

What food do you serve at a hippie party? ›

Hippie Appetizers and Snacks
  • Jalapeno Popper Dip. ...
  • 0:00. ...
  • Vegan Spinach Pinwheels. ...
  • Vegan Pretzel Bites with Spicy Mustard Dip - Vegan Richa. ...
  • Pretzel Bites. ...
  • Vegan Potstickers with Sesame Chilli Dipping Sauce | FoodByMaria. ...
  • 31 Vegan Muffin Recipes You Should Try at Least Once. ...
  • Vegan Savory Spinach and Artichoke Rolls.

Is the hippie look 60s or 70s? ›

When we think of the 1970s, hippie fashion immediately comes to mind. The look began developing in the late 60s and peaked in the early 70s, making items such as bell-bottoms, tie-dye tops, headbands, embroidered folk designs and flowing scarves a part of mainstream fashion.

What was the slang in the 1970s? ›

List of 1970s Slang: Aww sooky sooky: Aww yeah, baby. Flower power: Choosing peace over war. Jeepers creepers: Oh my gosh.

What colors were popular in the 70s? ›

Earth tones dominate in this era as the “earth movement” begins in earnest in 1970 with the first Earth Day. Beige, rust, avocado, harvest gold, mustard yellow, earthy brown play together in patterns and solids. Appliances take on these colors as well.

What type of jeans were popular in the 70s? ›

By the early 1970s, denim was everywhere. Five-pocket denim jeans had become part of the mainstream youth uniform; a unisex look that evolved around denim. But while the US was the bedrock of this style, it was Europeans who first challenged the look and design of blue jeans.

What thing was invented in the 70s? ›

The 70s began the age of the practical computer made possible by the invention of the floppy disk and the microprocessor that occurred during the 70s. Giorgio Fischer, a gynecologist from Rome, Italy, invents liposuction. The push-through tab on a drink can invented.

What was big in the 70s and 80s? ›

70's and 80's OVERVIEW:

Mood rings, lava lamps, Rubik's cube, Sea Monkeys, smiley face stickers, string art, and pet rocks were all popular during this decade. The fashion of the Sixties continued on through the Seventies.

What was the entertainment in the 70s? ›

The 1970s was a busy period for American cultural actors. Many of its most enduring successes come from the films and music of the time, which saw explosions of disco and Star Wars, southern rock and mob movies, like The Godfather.

What was the biggest single of the 70s? ›

The Official Top 10 best-selling singles from the 1970s
POSTITLEARTIST
1BOHEMIAN RHAPSODYQUEEN
2MULL OF KINTYRE/GIRLS' SCHOOLWINGS
3YOU'RE THE ONE THAT I WANTJOHN TRAVOLTA & OLIVIA NEWTON-JOHN
4RIVERS OF BABYLON/BROWN GIRL IN THE RINGBONEY M
6 more rows
Nov 9, 2022

Did people snack in the 70s? ›

The 1970s rang in an era of convenience, with Americans celebrating snacks that were simple to prepare and easy to eat on the go.

What food was popular in 1976? ›

1976. "Remember When Home Cooking Recipes feature Rhubarb-Strawberry Pie, Boiled Fresh Corn on the Cob, Homemade Bag Sausage, Aunt Charlotte's Nut Bread, Old-Fashioned Potato Soup, Ambrosia, Real Apple Pie, & A Good Fried Egg.

What was the most popular food in 1971? ›

Can You Guess What the Most Popular Food Was the Year You Were Born?
  • 1940s: Meat Loaf. ...
  • 1955: Green Bean Casserole. ...
  • 1959: Cheese Ball. ...
  • 1963: Beef Bourguignon. ...
  • 1967: Stuffed Celery. ...
  • 1971: Eggs Benedict. ...
  • 1975: Sushi. ...
  • 1980: Potato Skins.
Aug 31, 2017

What was breakfast during Great Depression? ›

A typical Depression-era breakfast consisted of a piece of seasonal fruit, milk and cereal, and eggs or toast with butter. The noon meal was usually a sandwich with salad or some soup. Dinner was meat and veggies, followed by dessert.

What did people eat for breakfast before eggs? ›

Breakfasts during the Middle Ages usually consisted of bread and cheese without any meat. For protein, some farmers in the Middle Ages may have had a single large boiled egg with their breakfast, washed down with “small beer.” However, by the 15th century, noblemen began to catch onto how good breakfast could be.

What are 3 types of the most popular breakfast? ›

3 types of the most popular breakfast are Continental breakfast, English Breakfast, and American breakfast.

What is the oldest snack still around? ›

Popcorn is perhaps the oldest of all. Archaeological sites in Peru and Mexico recently yielded 7,000 year old maize husks said to be evidence of popcorn preparation and consumption by ancient indigenous peoples.

What were the frozen foods in the 70s? ›

By the end of the Seventies, even small grocery stores had installed chest freezers to hold Birds Eye fish fingers, McCain oven chips and Wall's ice cream, with Vesta curries, coq au vin and chicken a la king for the adventurous.

What is the oldest snack? ›

According to historians, pretzels are the oldest snack food known. Today, pretzels continue to be the most popular in America and Germany.

What is a candy from the 70s that you can't find anymore? ›

Choco'Lite, a Nestle product, was introduced in the early '70s. Similar to an Aero bar -- a popular candy overseas -- the chocolate was aerated and included toffee-like crispy chips.

What are food sticks from the 70s? ›

In 1970, Pillsbury filed for a trademark for a "non-frozen balance energy snack in rod form containing nutritionally balanced amounts of carbohydrate, fat and protein" which they dubbed "Space Food Sticks". (No basis for use of the term "nutritionally balanced" was provided.)

What was the most popular snack? ›

Doritos. It's no surprise these beloved crunchy corn tortilla chips are the top-searched snack food in more than 20 states. Whether you're a Nacho Cheese, Cool Ranch or Salsa Verde devotee, Doritos never fail to satisfy the munchies.

What was the most popular sweet in 1972? ›

1972: Bottle Caps

We're not sure what was so appealing about eating a candy bottle cap, but the draw was there with these candies.

What was the most popular candy in 1973? ›

1973: Marathon Bar

This chocolate and caramel candy isn't around anymore, but it was all the rage in 1973. The candy promised to last "a good long time," thanks to its chewiness.

What was the most popular candy bar in 1973? ›

1973: Fun Dip

Lime, cherry, and grape were the original flavors of this genuinely fun candy, which comes with a sugar stick called a "Lik-a-Stix." Today, Fun Dip is most commonly found in cherry, grape, and "RazzApple" flavors.

How to make a 70s disco outfit? ›

Flared pants, sleeves and collars were common design elements during the disco era. If you want to wear long pants, go with the most exaggerated bell bottoms you can find. High-waist and wide-leg pants, bell-bottom jumpsuits and leisure suits are also on-target for a '70s party.

What is 70s disco style? ›

All seventies influenced. The rise of disco called for funky cuts, bold patterns and daring expression. Think: The Supremes in striking bell-bottoms and opulent silhouettes or the original Charlie's Angels in the pointed tapered collars.

What snacks were invented in the 1970s? ›

10 Most Popular Snacks from the 70's You May Have Forgotten About
  • Carnation Breakfast Bars. Carnation breakfast bars were one of the most popular snacks in the 70s. ...
  • Danish-Go-Rounds. ...
  • Laffy Taffy. ...
  • Kellogg's Concentrate Cereal. ...
  • Hunt's Snack Pack Chocolate Pudding. ...
  • Pop Rocks. ...
  • Cool Whip. ...
  • Space Food Sticks.
May 25, 2023

What was the most popular food in 1972? ›

1972: Cheese and Pineapple Sticks

If there's a party food to sum up the 1970s it's got to be cheese and pineapple sticks.

What food came out in 1972? ›

1972: McDonald's Egg McMuffin.

What was a popular candy in the 70s? ›

The Blow Pop, Curly Wurly, Ring Pop, and an all-time favourite, Reeses Pieces all reign from the 1970s. Reminisce about the good days filled with bell-bottoms and discos with these top 12 candies from the 1970s. Also, the 1970 retro candy gift box is a perfect gift for anyone's birthday or special occasion.

What were Americans eating in 1970s? ›

The 1970s was the decade of cool cereals, slimming snacks and show-off dinner parties. When Generation X were children, the Egg McMuffin came out, cheese fondue was fashionable, Watergate salad became a family favourite and Blue Nun was the drink of choice.

What cool things happened in 1970? ›

1970
  • The popular band "The Beatles" announces they have disbanded.
  • NASA's Apollo 13 Moon Mission returns to Earth successfully after abandoning its mission to the Moon after experiencing oxygen tank problems and an explosion.
  • The first jumbo-jet, the Boeing 747, makes its debut commercial flight from New York to London.

What did early humans eat for breakfast? ›

Up until about 12,000 years ago, all humans got their food by hunting, gathering or fishing. As foragers, they would fast until they found, caught or killed their food. There was no breakfast upon waking,, or leftovers for lunch.

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