According to the U.S. Bureau of Labor Statistics, prices for owners' equivalent rent of primary residence are 57.70% higher in 2023 versus 2007 (a $11.54 difference in value).
Between 2007 and 2023: Owners' equivalent rent of primary residence experienced an average inflation rate of 2.89% per year. This rate of change indicates significant inflation. In other words, owners' equivalent rent of primary residence costing $20 in the year 2007 would cost $31.54 in 2023 for an equivalent purchase. Compared to the overall inflation rate of 2.43% during this same period, inflation for owners' equivalent rent of primary residence was higher.
In the year 2007: Pricing changed by 3.38%, which is above the average yearly change for owners' equivalent rent of primary residence during the 2007-2023 time period. Compared to inflation for all items in 2007 (2.85%), inflation for owners' equivalent rent of primary residence was higher.
Below are calculations of equivalent buying power for Owners' equivalent rent of primary residence, over time, for $20 beginning in 2007. Each of the amounts below is equivalent in terms of what it could buy at the time:
|Year||USD Value||Inflation 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 Owners' equivalent rent of primary residence: