Owners' equivalent rent of residences price inflation, 2023→2024

Owners' Equivalent Rent Of Residences Inflation Calculator

Prices for Owners' Equivalent Rent Of Residences, 2023-2024 ($20)

According to the U.S. Bureau of Labor Statistics, prices for owners' equivalent rent of residences are 5.27% higher in 2024 versus 2023 (a $1.05 difference in value).

Between 2023 and 2024: Owners' equivalent rent of residences experienced an average inflation rate of 5.27% per year. This rate of change indicates significant inflation. In other words, owners' equivalent rent of residences costing $20 in the year 2023 would cost $21.05 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 2.89% during this same period, inflation for owners' equivalent rent of residences was higher.

In the year 2023: Pricing changed by 7.47%, which is above the average yearly change for owners' equivalent rent of residences during the 2023-2024 time period. Compared to inflation for all items in 2023 (4.12%), inflation for owners' equivalent rent of residences was much higher.

Price Inflation for Owners' equivalent rent of residences since 1982

Consumer Price Index, U.S. Bureau of Labor Statistics

Years with the largest changes in pricing: 2023 (7.47%), 2022 (5.73%), and 1986 (5.50%).

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Buying power of $20.00 since 2023

Below are calculations of equivalent buying power for Owners' equivalent rent of residences, over time, for $20 beginning in 2023. Each of the amounts below is equivalent in terms of what it could buy at the time:

Year	USD Value	Inflation Rate
2023	$20.00	7.47%
2024	$21.05	5.27%*

* 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:

Year	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	100.000	102.492	107.308	113.162	119.385	124.823	131.123	137.400	144.800	150.423	155.523	160.515	165.785	171.331	176.777	181.892	187.800	192.923	198.662	206.285	214.700	219.923	224.923	230.154	238.177	246.235	252.426	256.610	256.584	259.570	264.838	270.685	277.832	285.926	295.365	305.100	315.151	325.635	334.776	343.400	363.086	390.191	410.773

Adjust owners' equivalent rent of residences prices for inflation

Start with the inflation rate formula:

CPI in 2024 / CPI in 2023 * 2023 USD value = 2024 USD value

Then plug in historical CPI values from above. The CPI for Owners' equivalent rent of residences was 390.191 in the year 2023 and 410.773 in 2024:

410.773 / 390.191 * $20 = $21.05

Therefore, according to U.S. Bureau of Labor Statistics, $20 in 2023 has the same "purchasing power" as $21.05 in 2024 (in the CPI category of Owners' equivalent rent of residences).

Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for Owners' equivalent rent of residences in 1982. In addition to owners' equivalent rent of residences, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.