Jeremy Horpedahl: Entry-level car prices now below one third of median U.S. family income in 2024

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19.04.2026

Jeremy Horpedahl: Entry-level car prices now below one third of median U.S. family income in 2024 — Entry-level cars cheaper by income

Jeremy Horpedahl highlights a disconnect in a recent NYT op-ed discussing current entry-level car prices. The opinion piece expresses concern about many entry-level cars now being priced at $25,000 to $30,000 and compares this to cars in the 1960s costing one third of median family income.

Horpedahl notes that one third of median family income in the U.S. for 2024 is over $35,000, indicating that present car prices do not exceed this proportion.

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Horpedahl previously shared research showing that countries adopting Washington Consensus reforms experienced increased economic freedom and higher income levels, according to a recent analysis. He also reported that U.S. average hourly compensation for production workers reached $38 per hour in 2024, up from 13 cents in 1894 after inflation adjustment, in a separate wage history comparison. These findings provide additional context for his perspective on affordability in today’s car market.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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