According to the U.S. Bureau of Labor Statistics, prices for owners' equivalent rent of residences are 15.39% higher in 2023 versus 2020 (a $3.08 difference in value).
Between 2020 and 2023: Owners' equivalent rent of residences experienced an average inflation rate of 4.89% per year. This rate of change indicates significant inflation. In other words, owners' equivalent rent of residences costing $20 in the year 2020 would cost $23.08 in 2023 for an equivalent purchase. Compared to the overall inflation rate of 5.44% during this same period, inflation for owners' equivalent rent of residences was lower.
In the year 2020: Pricing changed by 2.81%, which is below the average yearly change for owners' equivalent rent of residences during the 2020-2023 time period. Compared to inflation for all items in 2020 (1.23%), inflation for owners' equivalent rent of residences was higher.
Below are calculations of equivalent buying power for Owners' equivalent rent of residences, over time, for $20 beginning in 2020. 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 residences: