I want to know the purchasing power of a dollar in 1960.?

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I want to know the purchasing power of a dollar in 1960.?

I purchased a house that was built in 1960 at the cost of $40,000 and would like to know how much that house would cost in 2002.

2006-11-19 20:00:15 · 2 answers · asked by noseyneighbor 1 in Business & Finance ➔ Renting & Real Estate

2 answers

IF the house appreciated at the same rate as the Consumer Price Index (CPI) (and that's not always the case with real estate), it would have appreciated by about 6.08 times, or cost $243,200 in 2002. Please see the link below for a really good explanation of the Consumer Price Index. It's where I got the CPI values to do the arithmetic on this example.

2006-11-19 20:05:26 · answer #1 · answered by Rusting 4 · 0⤊ 0⤋

A dollar's worth of gas still cost a dollar but you got nearly 4 gallons.

2006-11-19 20:09:59 · answer #2 · answered by kevin_4508 5 · 0⤊ 0⤋