Detroit, Michigan prices: $5,000 in 1923 $74,250.26 in 2022

Inflation in Michigan

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Prices in Detroit, 1923-2022 ($5,000)

According to the U.S. Bureau of Labor Statistics, prices in Detroit, Michigan are 1,385.01% higher in 2022 versus 1923 (a $69,250.26 difference in value).

Between 1923 and 2022: Detroit experienced an average inflation rate of 2.76% per year. This rate of change indicates significant inflation. In other words, $5,000 in Detroit in the year 1923 would cost $74,250.26 in 2022 for an equivalent purchase. Compared to the overall inflation rate of 2.91% during this same period, inflation in Detroit was lower.

In the year 1923: Pricing changed by 2.96%, which is above the average yearly change in Detroit during the 1923-2022 time period. Compared to inflation for all items in 1923 (1.79%), inflation in Detroit was higher.

Price Inflation in Detroit, Michigan since 1914

Consumer Price Index, U.S. Bureau of Labor Statistics
Years with the largest changes in pricing: 1920 (21.92%), 1918 (21.89%), and 1919 (21.46%).

View price changes for other categories
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Buying power of $5,000.00 since 1923

Below are calculations of equivalent buying power in Detroit, over time, for $5,000 beginning in 1923. Each of the amounts below is equivalent in terms of what it could buy at the time:

YearUSD ValueInflation Rate
1923$5,000.002.96%
1924$5,025.520.51%
1925$5,055.680.60%
1926$5,141.531.70%
1927$5,055.68-1.67%
1928$4,879.35-3.49%
1929$4,874.71-0.10%
1930$4,793.50-1.67%
1931$4,227.38-11.81%
1932$3,689.10-12.73%
1933$3,317.87-10.06%
1934$3,505.805.66%
1935$3,693.745.36%
1936$3,849.194.21%
1937$4,067.295.67%
1938$4,046.40-0.51%
1939$3,907.19-3.44%
1940$3,930.390.59%
1941$4,176.336.26%
1942$4,638.0511.06%
1943$4,890.955.45%
1944$4,955.921.33%
1945$5,088.172.67%
1946$5,531.328.71%
1947$6,303.9413.97%
1948$6,812.068.06%
1949$6,723.90-1.29%
1950$6,835.271.66%
1951$7,371.237.84%
1952$7,556.842.52%
1953$7,691.421.78%
1954$7,719.260.36%
1955$7,705.34-0.18%
1956$7,849.191.87%
1957$8,078.892.93%
1958$8,190.261.38%
1959$8,187.94-0.03%
1960$8,255.220.82%
1961$8,301.620.56%
1962$8,327.150.31%
1963$8,408.350.98%
1964$8,477.960.83%
1965$8,672.852.30%
1966$9,058.004.44%
1967$9,361.953.36%
1968$9,765.664.31%
1969$10,359.636.08%
1970$11,000.006.18%
1971$11,401.393.65%
1972$11,823.673.70%
1973$12,593.976.51%
1974$13,958.2410.83%
1975$14,997.687.45%
1976$15,812.065.43%
1977$16,897.916.87%
1978$18,180.977.59%
1979$20,491.8812.71%
1980$23,749.4215.90%
1981$25,953.609.28%
1982$27,004.644.05%
1983$27,774.942.85%
1984$28,747.103.50%
1985$29,747.103.48%
1986$30,162.411.40%
1987$31,076.573.03%
1988$32,257.543.80%
1989$33,969.845.31%
1990$35,716.945.14%
1991$37,020.883.65%
1992$37,798.142.10%
1993$38,819.032.70%
1994$40,044.083.16%
1995$41,308.583.16%
1996$42,426.912.71%
1997$43,475.642.47%
1998$44,438.522.21%
1999$45,596.292.61%
2000$47,199.543.52%
2001$48,538.282.84%
2002$49,749.422.50%
2003$50,802.782.12%
2004$51,582.371.53%
2005$53,055.682.86%
2006$54,682.133.07%
2007$55,676.681.82%
2008$57,033.412.44%
2009$56,589.81-0.78%
2010$57,071.320.85%
2011$58,876.593.16%
2012$60,126.822.12%
2013$61,089.651.60%
2014$61,751.551.08%
2015$60,937.61-1.32%
2016$61,827.401.46%
2017$63,084.502.03%
2018$64,634.452.46%
2019$65,489.981.32%
2020$66,156.871.02%
2021$68,892.974.14%
2022$74,250.267.78%*

* 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 Detroit, Michigan:

Year1914191519161917191819191920192119221923192419251926192719281929193019311932193319341935193619371938193919401941194219431944194519461947194819491950195119521953195419551956195719581959196019611962196319641965196619671968196919701971197219731974197519761977197819791980198119821983198419851986198719881989199019911992199319941995199619971998199920002001200220032004200520062007200820092010201120122013201420152016201720182019202020212022
CPI9.7009.73310.23311.91714.52517.64221.50819.51717.44217.95818.05018.15818.46718.15817.52517.50817.21715.18313.25011.91712.59213.26713.82514.60814.53314.03314.11715.00016.65817.56717.80018.27519.86722.64224.46724.15024.55026.47527.14227.62527.72527.67528.19229.01729.41729.40829.65029.81729.90830.20030.45031.15032.53333.62535.07537.20839.50840.95042.46745.23350.13353.86756.79260.69265.30073.60085.30093.21796.99299.758103.250106.842108.333111.617115.858122.008128.283132.967135.758139.425143.825148.367152.383156.150159.608163.767169.525174.333178.683182.467185.267190.558196.400199.972204.845203.252204.981211.465215.955219.414221.791218.868222.063226.579232.145235.218237.613247.441266.682

Adjust Detroit prices for inflation

Start with the inflation rate formula:

CPI in 2022 / CPI in 1923 * 1923 USD value = 2022 USD value

Then plug in historical CPI values from above. The CPI for Detroit, Michigan was 17.958 in the year 1923 and 266.682 in 2022:

266.682 / 17.958 * $5,000 = $74,250.26

Therefore, according to U.S. Bureau of Labor Statistics, $5,000 in 1923 has the same "purchasing power" as $74,250.26 in 2022 (in the CPI category of Detroit, Michigan).


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

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