Top song: In 1974, the top song in the U.S. was "The Way We Were" by Barbra Streisand, according to Billboard’s Year-End Hot 100 list.
Shag haircuts: The layered look, with varying lengths of locks, was a popular hairstyle for men and women in the 1970s, according to the Hair & Makeup Artist Handbook, an online resource that provides media hair and makeup training.
Best Picture: The 46th Academy Awards, hosted at the Dorothy Chandler Pavilion in the Los Angeles Music Center on April 12, 1974, honored films that were released in 1973, according to the Oscars website.
Gas prices: On average, the cost of gas in the U.S. in 1974 was 53 cents per gallon, according to data from the Office of Energy Efficiency & Renewable Energy.
Median income: The median family income rose to $11,100 in 1974. This was an increase of about 6%, which is "over the 1973 median of $10,500," according to the U.S. Census Bureau.
Median home cost: In January 1973, the median sales price of a new home sold in the U.S. was $29,900, according to data published by the U.S. Census Bureau. By the end of the year, median home prices rose to $35,700.
President Gerald Ford takes office: Ford was sworn in as the 38th president of the United States of America as he declared, "I assume the presidency under extraordinary circumstances … This is an hour of history that troubles our minds and hurts our hearts," according to whitehouse.gov.