Detroit, Michigan prices: $20,000 in 2015 $25,303.31 in 2023

Inflation in Michigan


Prices in Detroit, 2015-2023 ($20,000)

According to the U.S. Bureau of Labor Statistics, prices in Detroit, Michigan are 26.52% higher in 2023 versus 2015 (a $5,303.31 difference in value).

Between 2015 and 2023: Detroit experienced an average inflation rate of 2.98% per year. This rate of change indicates significant inflation. In other words, $20,000 in Detroit in the year 2015 would cost $25,303.31 in 2023 for an equivalent purchase. Compared to the overall inflation rate of 3.05% during this same period, inflation in Detroit was lower.

In the year 2015: Pricing changed by -1.32%, which is significantly below the average yearly change in Detroit during the 2015-2023 time period. Compared to inflation for all items in 2015 (0.12%), inflation in Detroit was lower.

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 $20,000.00 since 2015

Below are calculations of equivalent buying power in Detroit, over time, for $20,000 beginning in 2015. Each of the amounts below is equivalent in terms of what it could buy at the time:

YearUSD ValueInflation Rate

* 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:


Adjust Detroit prices for inflation

Start with the inflation rate formula:

CPI in 2023 / CPI in 2015 * 2015 USD value = 2023 USD value

Then plug in historical CPI values from above. The CPI for Detroit, Michigan was 218.868 in the year 2015 and 276.904 in 2023:

276.904 / 218.868 * $20,000 = $25,303.31

Therefore, according to U.S. Bureau of Labor Statistics, $20,000 in 2015 has the same "purchasing power" as $25,303.31 in 2023 (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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