If engaging in conversation with our Wheel & Anchor members has taught me anything, it’s that most of us love to despise air travel. Whether it’s the hassle of security, the mystery of shifting seat assignments, or the feeling of being conspicuously herded onto a 777, there’s no shortage of tales to share – usually with a wry smile and a touch of resignation. Still, whether we like it or not, air travel remains the essential link between our bucket-list dreams and the reality of experiencing the world in person.
There’s a good reason for the collective grumbling about travel costs. Since the pandemic, fares have felt like they’re running up an escalator, seemingly outpacing our wallets with every passing year. Occasionally, a shockingly expensive route or a holiday-season fare pops up and stings, and it’s easy to think that flying has never felt so dear. But if we step back and put things in perspective, the real cost of flying may surprise you – and not in the way you’d expect.
I’m reminded of my first trip across the Atlantic, a summer language immersion program in Germany back in 1984. It was a summer I’ll never forget and my father, bless his soul, forked out the $1,200 for my return ticket to Frankfurt. At the time, it felt like a princely sum – and it was. Using today’s inflation rates, that same $1,200 from 1984 is equivalent to roughly $3,700 in 2025 dollars. It’s worth letting that figure sink in.
Fast forwarding to today, you can fly premium economy to Europe today for about the same amount – sometimes less, especially with a little deal hunting. That’s the going rate for a premium experience, not a cattle-class crossing. When you compare what you get: speed, safety, in-seat video entertainment not to mention unfathomable engineering, and the ability to wake up in a different world – the value starts to look much more impressive.
By comparison, it’s not just airline tickets that have done a strange dance over the decades. In 1984, the average home price in Toronto was around $100,000. Today, the same house would set you back over a million bucks, but that airline ticket still costs about the same. The math is staggering: real estate prices in Toronto have outpaced airfares by a mind-boggling margin.
Sure, there are always caveats – fuel surcharges, baggage fees, and the ever-present cat-and-mouse game favoured by the airlines. But if we look at the remarkable abilities we’re afforded, and how the real value of airfare has actually declined as a proportion of our spending power, travelling by plane remains one of the best deals around.
It’s natural to wince when hovering over the “Purchase” button, especially when prices feel steep compared to memories of yesteryear. But next time you’re about to buy that ticket—whether to Seoul or Seville, Paris or Penang – pause for a moment and see it for what it truly is: the price of a front-row seat to the world. For less than you would have spent forty years ago (adjusted for inflation), you’re unlocking the door to limitless adventure.
We may grumble, but in the grand scheme of things, our complaints pale in comparison to what we’re actually getting: access. So, although this kind of goes against my grain, let’s be a little kinder to the airlines, and to ourselves, when we see that fare pop up. If we measure against a longer arc of time and what things really cost, air travel is among the greatest bargains of our age.