In 1950, the average family income in the US was $3319 per year, and the gasoline price was 27 cents per gallon.
Now (or should I say in 2004) the average family income was $70,700 per year. If you do the math, proportionately, the price of gas was $5.75 in 1950.
People made it but:
Fewer people had cars. Those that had them drove a lot less. There was still some life in the small towns out in the country, where a much bigger percentage of the population was involved in agriculture. The average family paid $747 per year on food, which is the equivalent of $15912 today, which is about three times what the average family pays.
Housing, surprisingly was about the same. The mortgage payment on the average ($11,000) house at 4.58% was about 20% of your income ($600 per year). Nowadays, at 6% it's maybe $1000 per month on your $242000 average house, which is about 17%.
So, it looks like you had a home, but you stayed there, and presumably worked somewhere close. The playstation did not exist yet. Neither did: microwave ovens, widespread TV, LP record albums, widespread use of plastics, McDonalds, the Holiday Inn, MasterCharge (although Diners' Club, one of the predecessors, was established in 1950) direct dial long distance phone service, TV dinners (had to wait for the development of TV). Polio Vaccine, coronary bypass surgery, most modern cancer treatments, AIDS, contact lenses, breast implants. Widespread use of Toyotas.
In short, it was a completely different world.
I'm not sure we would be able to make it back there. I'm not sure we should.
USA Today
Census Bureau
Food Costs
Home Prices