Boston price inflation, 1920→2023

Inflation in Massachusetts

Prices in Boston, 1920-2023 ($940,000)

According to the U.S. Bureau of Labor Statistics, prices in Boston, Massachusetts are 1,477.32% higher in 2023 versus 1920 (a $13,886,775.84 difference in value).

Between 1920 and 2023: Boston experienced an average inflation rate of 2.71% per year. This rate of change indicates significant inflation. In other words, $940,000 in Boston in the year 1920 would cost $14,826,775.84 in 2023 for an equivalent purchase. Compared to the overall inflation rate of 2.66% during this same period, inflation in Boston was higher.

In the year 1920: Pricing changed by 17.25%, which is significantly above the average yearly change in Boston during the 1920-2023 time period. Compared to inflation for all items in 1920 (15.62%), inflation in Boston was higher.

Price Inflation in Boston, Massachusetts since 1914

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

Years with the largest changes in pricing: 1919 (21.27%), 1918 (17.79%), and 1920 (17.25%).

View price changes for other categories
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Buying power of $940,000.00 since 1920

Below are calculations of equivalent buying power in Boston, over time, for $940,000 beginning in 1920. Each of the amounts below is equivalent in terms of what it could buy at the time:

Year	USD Value	Inflation Rate
1920	$940,000.00	17.25%
1921	$855,792.46	-8.96%
1922	$779,967.57	-8.86%
1923	$791,779.49	1.51%
1924	$797,113.90	0.67%
1925	$805,877.58	1.10%
1926	$835,597.89	3.69%
1927	$826,834.21	-1.05%
1928	$810,830.97	-1.94%
1929	$807,020.67	-0.47%
1930	$801,305.23	-0.71%
1931	$739,197.41	-7.75%
1932	$666,420.75	-9.85%
1933	$622,221.32	-6.63%
1934	$641,653.83	3.12%
1935	$654,989.87	2.08%
1936	$658,800.16	0.58%
1937	$673,660.32	2.26%
1938	$656,513.98	-2.55%
1939	$646,607.22	-1.51%
1940	$652,703.69	0.94%
1941	$681,661.94	4.44%
1942	$754,438.59	10.68%
1943	$794,065.67	5.25%
1944	$802,829.35	1.10%
1945	$819,213.62	2.04%
1946	$886,274.83	8.19%
1947	$1,008,966.36	13.84%
1948	$1,092,030.81	8.23%
1949	$1,078,694.77	-1.22%
1950	$1,092,792.87	1.31%
1951	$1,165,950.55	6.69%
1952	$1,191,479.53	2.19%
1953	$1,194,527.77	0.26%
1954	$1,199,100.12	0.38%
1955	$1,204,815.57	0.48%
1956	$1,237,965.14	2.75%
1957	$1,281,402.51	3.51%
1958	$1,322,553.71	3.21%
1959	$1,332,841.51	0.78%
1960	$1,357,989.46	1.89%
1961	$1,378,565.06	1.52%
1962	$1,408,285.37	2.16%
1963	$1,436,862.59	2.03%
1964	$1,456,295.10	1.35%
1965	$1,483,729.23	1.88%
1966	$1,529,452.78	3.08%
1967	$1,569,460.88	2.62%
1968	$1,631,187.68	3.93%
1969	$1,721,491.69	5.54%
1970	$1,826,655.86	6.11%
1971	$1,923,818.40	5.32%
1972	$1,992,403.73	3.57%
1973	$2,103,283.34	5.57%
1974	$2,320,470.21	10.33%
1975	$2,529,655.45	9.01%
1976	$2,735,411.43	8.13%
1977	$2,874,868.26	5.10%
1978	$3,028,423.19	5.34%
1979	$3,333,246.86	10.07%
1980	$3,756,189.70	12.69%
1981	$4,182,942.85	11.36%
1982	$4,362,026.75	4.28%
1983	$4,554,827.73	4.42%
1984	$4,778,873.13	4.92%
1985	$4,990,725.58	4.43%
1986	$5,127,134.17	2.73%
1987	$5,345,845.16	4.27%
1988	$5,659,813.54	5.87%
1989	$5,989,785.16	5.83%
1990	$6,336,522.09	5.79%
1991	$6,623,818.40	4.53%
1992	$6,785,374.95	2.44%
1993	$6,987,320.63	2.98%
1994	$7,075,719.50	1.27%
1995	$7,245,658.69	2.40%
1996	$7,457,511.15	2.92%
1997	$7,672,411.84	2.88%
1998	$7,845,399.27	2.25%
1999	$8,035,152.01	2.42%
2000	$8,379,602.76	4.29%
2001	$8,750,725.58	4.43%
2002	$8,974,008.92	2.55%
2003	$9,306,266.72	3.70%
2004	$9,572,987.43	2.87%
2005	$9,876,286.99	3.17%
2006	$10,191,779.49	3.19%
2007	$10,383,620.27	1.88%
2008	$10,764,383.14	3.67%
2009	$10,676,868.26	-0.81%
2010	$10,852,058.05	1.64%
2011	$11,139,560.11	2.65%
2012	$11,319,489.91	1.62%
2013	$11,476,938.95	1.39%
2014	$11,665,220.92	1.64%
2015	$11,739,194.00	0.63%
2016	$11,901,017.27	1.38%
2017	$12,204,575.92	2.55%
2018	$12,598,248.07	3.23%
2019	$12,851,198.38	2.01%
2020	$12,989,550.22	1.08%
2021	$13,391,208.76	3.09%
2022	$14,356,173.81	7.21%
2023	$14,826,775.84	3.28%*

* 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 Boston, Massachusetts:

Year	1914	1915	1916	1917	1918	1919	1920	1921	1922	1923	1924	1925	1926	1927	1928	1929	1930	1931	1932	1933	1934	1935	1936	1937	1938	1939	1940	1941	1942	1943	1944	1945	1946	1947	1948	1949	1950	1951	1952	1953	1954	1955	1956	1957	1958	1959	1960	1961	1962	1963	1964	1965	1966	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
CPI	10.500	10.517	10.817	12.275	14.458	17.533	20.558	18.717	17.058	17.317	17.433	17.625	18.275	18.083	17.733	17.650	17.525	16.167	14.575	13.608	14.033	14.325	14.408	14.733	14.358	14.142	14.275	14.908	16.500	17.367	17.558	17.917	19.383	22.067	23.883	23.592	23.900	25.500	26.058	26.125	26.225	26.350	27.075	28.025	28.925	29.150	29.700	30.150	30.800	31.425	31.850	32.450	33.450	34.325	35.675	37.650	39.950	42.075	43.575	46.000	50.750	55.325	59.825	62.875	66.233	72.900	82.150	91.483	95.400	99.617	104.517	109.150	112.133	116.917	123.783	131.000	138.583	144.867	148.400	152.817	154.750	158.467	163.100	167.800	171.583	175.733	183.267	191.383	196.267	203.533	209.367	216.000	222.900	227.096	235.423	233.509	237.341	243.629	247.564	251.007	255.125	256.743	260.282	266.921	275.531	281.063	284.089	292.873	313.978	324.270

Adjust Boston prices for inflation

Start with the inflation rate formula:

CPI in 2023 / CPI in 1920 * 1920 USD value = 2023 USD value

Then plug in historical CPI values from above. The CPI for Boston, Massachusetts was 20.558 in the year 1920 and 324.270 in 2023:

324.270 / 20.558 * $940,000 = $14,826,775.84

Therefore, according to U.S. Bureau of Labor Statistics, $940,000 in 1920 has the same "purchasing power" as $14,826,775.84 in 2023 (in the CPI category of Boston, Massachusetts).

Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for Boston, Massachusetts in 1914. In addition to Boston, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.