Housing price inflation, 2023→2024

Housing Inflation Calculator

Prices for Housing, 2023-2024 ($1)

According to the U.S. Bureau of Labor Statistics, prices for housing are 2.98% higher in 2024 versus 2023 (a $0.03 difference in value).

Between 2023 and 2024: Housing experienced an average inflation rate of 2.98% per year. This rate of change indicates significant inflation. In other words, housing costing $1 in the year 2023 would cost $1.03 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 1.86% during this same period, inflation for housing was higher.

In the year 2023: Pricing changed by 6.44%, which is significantly above the average yearly change for housing during the 2023-2024 time period. Compared to inflation for all items in 2023 (4.12%), inflation for housing was higher.

Price Inflation for Housing since 1967

Consumer Price Index, U.S. Bureau of Labor Statistics

Years with the largest changes in pricing: 1980 (15.70%), 1979 (12.17%), and 1981 (11.48%).

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Buying power of $1.00 since 2023

Below are calculations of equivalent buying power for Housing, over time, for $1 beginning in 2023. Each of the amounts below is equivalent in terms of what it could buy at the time:

Year	USD Value	Inflation Rate
2023	$1.00	6.44%
2024	$1.03	2.98%*

* Not final. See inflation summary for latest details.
** Extended periods of 0% inflation usually indicate incomplete underlying data. This can manifest as a sharp increase in inflation later on.

Raw Consumer Price Index data from U.S. Bureau of Labor Statistics for Housing:

Year	1967	1968	1969	1970	1971	1972	1973	1974	1975	1976	1977	1978	1979	1980	1981	1982	1983	1984	1985	1986	1987	1988	1989	1990	1991	1992	1993	1994	1995	1996	1997	1998	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
CPI	30.785	32.031	34.000	36.400	37.985	39.469	41.162	45.808	50.638	53.762	57.423	62.462	70.062	81.062	90.369	96.892	99.485	103.615	107.731	110.915	114.215	118.492	123.008	128.531	133.608	137.508	141.215	144.777	148.454	152.785	156.777	160.362	163.885	169.554	176.362	180.269	184.785	189.531	195.723	203.162	209.586	216.264	217.057	216.256	219.102	222.715	227.351	233.215	238.060	243.973	251.229	258.478	265.952	271.773	280.720	300.803	320.172	329.724

Adjust housing prices for inflation

Start with the inflation rate formula:

CPI in 2024 / CPI in 2023 * 2023 USD value = 2024 USD value

Then plug in historical CPI values from above. The CPI for Housing was 320.172 in the year 2023 and 329.724 in 2024:

329.724 / 320.172 * $1 = $1.03

Therefore, according to U.S. Bureau of Labor Statistics, $1 in 2023 has the same "purchasing power" as $1.03 in 2024 (in the CPI category of Housing).

Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for Housing in 1967. In addition to housing, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.