According to the U.S. Bureau of Labor Statistics, prices in Detroit, Michigan are 1,927.71% higher in 2024 versus 1940 (a $7,132,518.83 difference in value).
Between 1940 and 2024: Detroit experienced an average inflation rate of 3.65% per year. This rate of change indicates significant inflation. In other words, $370,000 in Detroit in the year 1940 would cost $7,502,518.83 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 3.76% during this same period, inflation in Detroit was lower.
In the year 1940: Pricing changed by 0.59%, which is significantly below the average yearly change in Detroit during the 1940-2024 time period. Compared to inflation for all items in 1940 (0.72%), inflation in Detroit was lower.
Below are calculations of equivalent buying power in Detroit, over time, for $370,000 beginning in 1940. Each of the amounts below is equivalent in terms of what it could buy at the time:
Year | USD Value | Inflation Rate |
---|---|---|
1940 | $370,000.00 | 0.59% |
1941 | $393,152.30 | 6.26% |
1942 | $436,617.47 | 11.06% |
1943 | $460,425.03 | 5.45% |
1944 | $466,540.73 | 1.33% |
1945 | $478,990.55 | 2.67% |
1946 | $520,708.38 | 8.71% |
1947 | $593,441.56 | 13.97% |
1948 | $641,275.09 | 8.06% |
1949 | $632,975.21 | -1.29% |
1950 | $643,459.27 | 1.66% |
1951 | $693,913.81 | 7.84% |
1952 | $711,387.25 | 2.52% |
1953 | $724,055.49 | 1.78% |
1954 | $726,676.51 | 0.36% |
1955 | $725,366.00 | -0.18% |
1956 | $738,907.91 | 1.87% |
1957 | $760,531.29 | 2.93% |
1958 | $771,015.35 | 1.38% |
1959 | $770,796.93 | -0.03% |
1960 | $777,131.05 | 0.82% |
1961 | $781,499.41 | 0.56% |
1962 | $783,902.01 | 0.31% |
1963 | $791,546.64 | 0.98% |
1964 | $798,099.17 | 0.83% |
1965 | $816,446.28 | 2.30% |
1966 | $852,703.66 | 4.44% |
1967 | $881,316.41 | 3.36% |
1968 | $919,321.13 | 4.31% |
1969 | $975,236.13 | 6.08% |
1970 | $1,035,519.48 | 6.18% |
1971 | $1,073,305.79 | 3.65% |
1972 | $1,113,057.85 | 3.70% |
1973 | $1,185,572.61 | 6.51% |
1974 | $1,314,002.36 | 10.83% |
1975 | $1,411,853.60 | 7.45% |
1976 | $1,488,518.30 | 5.43% |
1977 | $1,590,737.90 | 6.87% |
1978 | $1,711,523.02 | 7.59% |
1979 | $1,929,067.30 | 12.71% |
1980 | $2,235,726.09 | 15.90% |
1981 | $2,443,223.14 | 9.28% |
1982 | $2,542,166.47 | 4.05% |
1983 | $2,614,681.23 | 2.85% |
1984 | $2,706,198.35 | 3.50% |
1985 | $2,800,336.48 | 3.48% |
1986 | $2,839,433.29 | 1.40% |
1987 | $2,925,489.96 | 3.03% |
1988 | $3,036,664.70 | 3.80% |
1989 | $3,197,857.14 | 5.31% |
1990 | $3,362,325.86 | 5.14% |
1991 | $3,485,076.74 | 3.65% |
1992 | $3,558,246.75 | 2.10% |
1993 | $3,654,350.65 | 2.70% |
1994 | $3,769,675.32 | 3.16% |
1995 | $3,888,713.11 | 3.16% |
1996 | $3,993,990.55 | 2.71% |
1997 | $4,092,715.47 | 2.47% |
1998 | $4,183,358.91 | 2.21% |
1999 | $4,292,349.47 | 2.61% |
2000 | $4,443,276.27 | 3.52% |
2001 | $4,569,303.42 | 2.84% |
2002 | $4,683,317.59 | 2.50% |
2003 | $4,782,479.34 | 2.12% |
2004 | $4,855,867.77 | 1.53% |
2005 | $4,994,563.16 | 2.86% |
2006 | $5,147,674.14 | 3.07% |
2007 | $5,241,299.00 | 1.82% |
2008 | $5,369,018.89 | 2.44% |
2009 | $5,327,259.56 | -0.78% |
2010 | $5,372,587.84 | 0.85% |
2011 | $5,542,532.29 | 3.16% |
2012 | $5,660,226.80 | 2.12% |
2013 | $5,750,865.88 | 1.60% |
2014 | $5,813,176.15 | 1.08% |
2015 | $5,736,552.95 | -1.32% |
2016 | $5,820,316.23 | 1.46% |
2017 | $5,938,657.26 | 2.03% |
2018 | $6,084,567.00 | 2.46% |
2019 | $6,165,104.25 | 1.32% |
2020 | $6,227,884.12 | 1.02% |
2021 | $6,485,455.67 | 4.14% |
2022 | $7,017,744.57 | 8.21% |
2023 | $7,399,654.90 | 5.44% |
2024 | $7,502,518.83 | 1.39%* |
* 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:
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 | 2024 |
CPI | 9.700 | 9.733 | 10.233 | 11.917 | 14.525 | 17.642 | 21.508 | 19.517 | 17.442 | 17.958 | 18.050 | 18.158 | 18.467 | 18.158 | 17.525 | 17.508 | 17.217 | 15.183 | 13.250 | 11.917 | 12.592 | 13.267 | 13.825 | 14.608 | 14.533 | 14.033 | 14.117 | 15.000 | 16.658 | 17.567 | 17.800 | 18.275 | 19.867 | 22.642 | 24.467 | 24.150 | 24.550 | 26.475 | 27.142 | 27.625 | 27.725 | 27.675 | 28.192 | 29.017 | 29.417 | 29.408 | 29.650 | 29.817 | 29.908 | 30.200 | 30.450 | 31.150 | 32.533 | 33.625 | 35.075 | 37.208 | 39.508 | 40.950 | 42.467 | 45.233 | 50.133 | 53.867 | 56.792 | 60.692 | 65.300 | 73.600 | 85.300 | 93.217 | 96.992 | 99.758 | 103.250 | 106.842 | 108.333 | 111.617 | 115.858 | 122.008 | 128.283 | 132.967 | 135.758 | 139.425 | 143.825 | 148.367 | 152.383 | 156.150 | 159.608 | 163.767 | 169.525 | 174.333 | 178.683 | 182.467 | 185.267 | 190.558 | 196.400 | 199.972 | 204.845 | 203.252 | 204.981 | 211.465 | 215.956 | 219.414 | 221.791 | 218.868 | 222.063 | 226.578 | 232.145 | 235.218 | 237.613 | 247.441 | 267.749 | 282.320 | 286.245 |