Inflation has had severe effects on the prices of many products, especially housing for Americans. A Home Bay study reveals From 1970 to 2022, median home sales prices increased by 1,858%.
The issue of inflation remains a persistent concern for American consumers. And even though it has decreased in recent months, Americans are still stressed about their finances.
The study found 73% of Americans experience stress and anxiety about money That makes it more important than ever to understand the relationship between inflation and home prices.
Home Bay’s most sobering statistic is that house prices have far outpaced inflation: “Compare January 1970 to June 2022, the latest month for which we have complete data, Median home sale prices rose 1,858%, while inflation, normally determined by property prices, rose ‘only’ 677%”, quotes the report.
This means that the average price of homes sold in the United States It has grown from $23,900 in January 1970 to $468,000 today.
How house prices have changed over the decades
Year: 2022
Average Selling Price: $468,000
Percentage increase for 2023: ,
Modest rise in inflation till 2023: 6.3%
Year: 2020
Average Selling Price: $329,000
Percentage increase for 2023: 42%
Modest rise in inflation till 2023: 16%
Year: 2010
Average Selling Price: $222,900
Percentage increase for 2023: 110%
Modest rise in inflation till 2023: 38%
Year: 2000
Average Selling Price: $165,300
Percentage increase for 2023: 183%
Modest rise in inflation till 2023: 78%
Year: 1990
Average Selling Price: $123,900
Percentage increase for 2023: 278%
Modest rise in inflation till 2023: 136%
Year: 1980
Average Selling Price: $63,700
Percentage increase for 2023: 635%
Modest rise in inflation till 2023: 285%
Year: 1970
Average Selling Price: $23,900
Percentage increase for 2023: 1.858%
Modest rise in inflation till 2023: 693%
