In '87-88 I distinctly remember a Mac BBS in the Philly area called "19 East," so named because it was run from a 19K bps modem. (EDIT yeah, actually it was probably 9600) I recall that modem being expensive for the time, but not absurdly so. But still, not something we college kids would typically own.
A 2400baud modem in the late 80's was perfectly fine for normal BBS access / use, and would only bog down a bit for downloading warez, which of course was a super-common activity those days.