Some new remodeling trends are taking over in 2021. Why the top 5 may surprise you.
After a year of spending more time at home due to the COVID-19 pandemic, many homeowners are looking for ways to make their homes fit their new realities. Open floor plans are out; dedicated spaces for remote work and learning are in. Yards are being transformed into entertainment spaces and walls are being repainted. At the same time, increased demand and safety concerns can make the remodeling process much longer than before.
Here are five trends to watch for this 2021 home-remodeling season.
This is how much the US minimum wage was worth the year you were born
1938
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On June 25, 1938, President Franklin D. Roosevelt signed the landmark Fair Labor Standards Act, which established a federal minimum wage of $0.25 an hour. That's the equivalent of $4.63 in 2021 dollars.
1939
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One year after it was established, the federal minimum wage was raised to $0.30 an hour. The value of that amount in 2021 is $5.64.
1940
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The federal minimum wage remained $0.30 in 1940, amounting to $5.68 in 2021 dollars.
1941
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In 1941, the value of the $0.30 federal minimum remained consistent. Adjusted for inflation today, it would be worth $5.60 an hour.
1942
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After the December 1941 attack on Pearl Harbor, the U.S. entered World War II. Though the minimum wage held steady at $0.30 an hour, it's value decreased. In today's money, it would be worth $5.03.
1943
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The purchasing power of the $0.30 federal minimum wage continued to plummet, with it only being equivalent to $4.67 an hour today.
1944
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1944 was the last year the federal minimum wage was $0.30. Its value today would be $4.53.
1945
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In 1945, the federal minimum wage was increased to $0.40, where it remained for the next five years. That rate is worth $5.91 today.
1946
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The value of the federal minimum wage dipped slightly for 1946, shaking out to $5.78 today.
1947
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The purchasing power of $.40 an hour dropped significantly in 1947, which saw the U.S. solidified in the Cold War. In today's money, it was only worth $4.89.
1948
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The value of the $.40 minimum wage dropped again in 1948 to $4.44 in today's dollars.
1949
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The $0.40 federal minimum wage in 1949 would be worth $4.38 in today's dollars.
1950
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In January of 1950, the federal minimum wage was raised to by 35 cents to $0.75. This was the equivalent to $8.39 today.
1951
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The federal minimum wage remained set at $0.75 for five years. In 1951, this rate was the equivalent of only $7.77 today.
1952
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The $0.75 minimum wage in 1952 would be equivalent to $7.44 in 2021. Its value dropped $0.33 from the year before.
1953
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The value of the $0.75 minimum wage dropped slightly to $7.42 in 1953.
1954
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The buying power of the $0.75 minimum wage dipped again in 1954 to $7.33 in today's dollars. That's almost a dollar's difference from 1950.
1955
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The value of the $0.75 minimum wage improved only slightly in 1955 to the equivalent of $7.39 in 2021.
1956
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In March 1956, the federal minimum wage was increased by 25 cents to $1.00. This bumped up the buying power of minimum wage to $9.81 in today's money.
1957
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The value of the $1.00 minimum wage dropped slightly but was still strong in 1957 when it was worth the equivalent of $9.53 today.Â
1958
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In 1958, the $1.00 federal minimum wage was worth the equivalent of $9.20 today.
1959
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In 1959, the value of the $1.00 federal minimum wage decreased again to the equivalent of $9.07 in 2021.
1960
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In the final year the minimum wage was $1.00, its purchasing power dipped below $9 today. It would be the equivalent of $8.98 an hour in 2021.
1961
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After John F. Kennedy became president in 1961, the federal minimum wage was increased to $1.15. This pushed the value of minimum wage back over $10, putting it at $10.15 in today's money.
1962
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The federal minimum wage remained at $1.15 for just one more year, with its value decreasing slightly to $10.08.
1963
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Following the historic March on Washington in August of 1963, whose organizers were pushing for a $2 an hour minimum wage, the federal minimum wage was bumped up by 10 cents to $1.25. That would be worth $10.71 an hour today.
1964
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In 1964, the $1.25 was worth a bit less, ringing in at $10.64 in today's money.
1965
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The federal minimum wage of $1.25 in 1965 was worth $10.54 in 2021 dollars.Â
1966
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1966 was the final year the minimum wage stayed at $1.25. That year, it was the equivalent of $10.34 today.
1967
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In 1967, the federal minimum wage increased to $1.40, which is worth $11.19 today, almost $4 more than today's minimum wage.Â
1968
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In 1968, the federal minimum wage increased again to $1.60 an hour. This marks the peak buying power of minimum wage in inflation-adjusted terms as this rate is equivalent to $12.34 today. That's $5 more than today's minimum wage of $7.25.
1969
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The minimum wage remained $1.60 in 1969 and was worth $11.82 in today's money.
1970
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In 1970, the $1.60 federal minimum wage was worth the equivalent of $11.13 today.
1971
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The value of the $1.60 continued to decline. In 1971, it was worth the equivalent of $10.57 today.Â
1972
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In 1972, the $1.60 federal minimum wage would be worth $10.24 today.
1973
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In the final year of the $1.60 minimum wage, it's value was the equivalent to $9.88 today.
1974
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As the effects of the Watergate scandal continued to ripple across the country, the federal minimum wage increased to $2.00. This bumped the value of minimum wage back up to $11.29 in today's dollars.
1975
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In 1975, the year the Vietnam War ended, the minimum wage was bumped up by 10 cents to $2.10. Even with this increase, the value of the minimum wage still dropped from the year before to $10.60.Â
1976
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The minimum wage was increased by another 20 cents to $2.30 in 1976. This wage is the equivalent of $10.88 today.
1977
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In 1977, the federal minimum wage remained at $2.30, though it's value dropped slightly. It would be worth $10.34 today.
1978
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In 1978, the federal minimum wage increased again to $2.65 for all covered, nonexempt workers. This is the equivalent of $11.15 in 2021 dollars.
1979
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Minimum wage continued to rise at the end of the decade, being set at $2.90 in 1979. This is the equivalent of $11.17 in 2021.
1980
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The '80s were also kicked off with an increase to the federal minimum wage from $2.90 to $3.10. That's equivalent to $10.48 in 2021.
1981
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The minimum wage was bumped up again the next year from $3.10 to $3.35 an hour. Despite the increase, that would be worth just $10.13 in today's money, a decline from previous years.Â
1982
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By 1982, the U.S. was in the midst of its worst recession since the Great Depression. That year, the $3.35 was worth only $9.34. This was the first time in almost a decade the value of minimum wage dipped below $10 an hour.
1983
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In 1983, the year of the Cabbage Patch Kids craze, the value of the federal minimum wage of $3.35 dropped again to the equivalent of $9.01 today.Â
1984
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By 1984, the $3.35 federal minimum wage was only worth the equivalent of $8.65 an hour in today's dollars.
1985
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The value of the $3.35 federal minimum wage continued to drop, clocking in at a value of $8.35 in today's dollars by 1985.Â
1986
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In 1986, $3.35 an hour was the equivalent of $8.04 today.Â
1987
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When adjusted for inflation, the value of the $3.35 minimum wage in 1987 would be just $7.92 today.
1988
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By 1988, the federal minimum wage still hadn't been increased from $3.35, but it's buying power plummeted even further to the equivalent of $7.62 today. That's the lowest value for the federal minimum wage since 1955.
1989
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The decade of "greed is good" closed out with the federal minimum wage still stagnant at $3.35. In 2021 dollars, that's the equivalent of $7.28.Â
1990
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In 1990, the federal minimum wage was increased again to $3.80 an hour. However, the buying power of that wage remained historically low, coming in at $7.85 in today's money.
1991
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The minimum wage increased again in 1991 to $4.25 an hour, which would be equivalent to $8.30 today.Â
1992
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In 1992, the $4.25 federal minimum wage would be equivalent to $8.09 today.Â
1993
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The federal minimum wage stayed at $4.25 an hour in 1993. When adjusted for inflation, that would be $7.84 in today's dollars.Â
1994
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In 1994, the minimum wage of $4.25 would be the equivalent of $7.65 an hour today.Â
1995
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1995 was the final year the minimum wage stayed at $4.25 an hour. At that time, that rate was worth the equivalent of $7.44 today.
1996
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In 1996, the federal minimum wage was raised 50 cents to $4.75 an hour. That would equate to $8.09 today.
1997
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In 1997, the federal minimum wage was increased again after a little less than a year to $5.15, which is worth $8.51 in 2021 dollars. After this increase, the minimum wage would remain unchanged for the next decade.
1998
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In 1998, the $5.15 federal minimum wage was worth the equivalent of $8.38 today.
1999
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The 1999 minimum wage of $5.15 when adjusted for inflation would be $8.24 in 2021.
2000
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At the end of the millennium, the minimum wage of $5.15 an hour was worth the equivalent of $8.02 today.Â
2001
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Before the terrorist attacks of Sept. 11, 2001, the federal minimum wage of $5.15 an hour was worth $7.74 today. Afterward, it was worth the equivalent of $7.62.
2002
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In 2002, the value of the $5.15 an hour minimum wage was $7.65 in today's dollars.
2003
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The buying power of the minimum wage continued to decrease, dropping to the equivalent of $7.45 in 2021.Â
2004
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By 2004, the federal minimum wage of $5.15 an hour was worth the equivalent of $7.31 today.
2005
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When adjusted for inflation, $5.15 an hour in 2005 would equal just $7.10 today.Â
2006
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In the final year the federal minimum wage remained $5.15 an hour, it was equivalent to a mere $6.83 in today's money.
2007
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In 2007, the federal minimum wage was increased to $5.85 an hour for all covered, nonexempt workers. This is the equivalent of $7.60 in today's money.Â
2008
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In 2008, ahead of the election of President Barack Obama, the minimum wage was increased again to $6.55. That's the equivalent of $8.16 in 2021 dollars.Â
2009
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In 2009, the minimum wage increased again to $7.25, where it has remained ever since. At the time, that was equivalent to $9.03.
2010
Updated
The federal minimum wage has remained at $7.25 an hour for more than 11 years, making it the longest drought between increases. According to the 2021 guidelines from the Department of Health and Human Services, the federal poverty level or a family of two is $16,500. However, at the federal minimum wage of $7.25 per hour, working 40 hours per week and 52 weeks per year equals an annual income of just $15,080. So far in 2021, President Joe Biden has continued to support legislation that would gradually increase the minimum wage to $15 an hour by 2025.Â
