Guide to Homeownership | Presented by Wells Fargo
Homeownership lets you build equity, put down roots, and make a place your own. But in recent years, achieving this part of the American dream has become much more difficult.
Adjusting for inflation, the cost of a newly constructed single-family home in 2022 was over 2 1/2 times more expensive than in the 1960s. So for young adults in their mid-20s—an age when many people think they should buy a home—the goal might seem out of reach. The actual average age of a first-time home buyer in 2022 was 36, according to the National Association of Realtors.
Stacker ran the numbers on the cost of a new, single-family home for the last 60 years to illustrate how home prices have grown. Using Census Bureau data, we analyzed the median list price for a newly constructed home from 1963 to 2021 and the Consumer Price Index to calculate each year’s absolute and inflation-adjusted prices.
The basis of the Census Bureau data is new constructions, which are often more expensive than existing homes. The list price includes both the house and the land. This story does not include houses built for rent, those built by the owner, or ones by a general contractor on the owner’s land.
It’s true that location plays a role in home prices. For example, homes in the Northeast and West have always generally been higher than the rest of the country. But the data still shows that average prices have grown substantially over time.
Check out the cost of buying a home the year you turned 25.
Homes continue to get more expensive
Adjusted for inflation, the cost of a newly constructed family home is more than twice as expensive in the early 2020s as it was in 1960. With some fluctuation over the years, costs have grown steadily, reaching a median of more than $450,000 by 2022—with regions like the Northeast showing even higher prices.
1963
– Median list price: $18,000
– Inflation-adjusted price: $171,938
– Median list price by region:
— Northeast: $20,300 ($193,908 in today’s dollars)
— Midwest: $17,900 ($170,982 in today’s dollars)
— South: $16,100 ($153,789 in today’s dollars)
— West: $18,800 ($179,579 in today’s dollars)
1964
– Median list price: $18,900
– Inflation-adjusted price: $178,179
– Median list price by region:
— Northeast: $20,300 ($191,377 in today’s dollars)
— Midwest: $19,400 ($182,893 in today’s dollars)
— South: $16,700 ($157,439 in today’s dollars)
— West: $20,400 ($192,320 in today’s dollars)
1965
– Median list price: $20,000
– Inflation-adjusted price: $185,619
– Median list price by region:
— Northeast: $21,500 ($199,540 in today’s dollars)
— Midwest: $21,600 ($200,468 in today’s dollars)
— South: $17,500 ($162,416 in today’s dollars)
— West: $21,600 ($200,468 in today’s dollars)
1966
– Median list price: $21,400
– Inflation-adjusted price: $192,847
– Median list price by region:
— Northeast: $23,500 ($211,771 in today’s dollars)
— Midwest: $23,200 ($209,068 in today’s dollars)
— South: $18,200 ($164,010 in today’s dollars)
— West: $23,200 ($209,068 in today’s dollars)
1967
– Median list price: $22,700
– Inflation-adjusted price: $199,020
– Median list price by region:
— Northeast: $25,400 ($222,692 in today’s dollars)
— Midwest: $25,100 ($220,062 in today’s dollars)
— South: $19,400 ($170,088 in today’s dollars)
— West: $24,100 ($211,295 in today’s dollars)
1968
– Median list price: $24,700
– Inflation-adjusted price: $207,737
– Median list price by region:
— Northeast: $27,700 ($232,969 in today’s dollars)
— Midwest: $27,400 ($230,445 in today’s dollars)
— South: $21,500 ($180,824 in today’s dollars)
— West: $25,100 ($211,102 in today’s dollars)
1969
– Median list price: $25,600
– Inflation-adjusted price: $204,204
– Median list price by region:
— Northeast: $31,600 ($252,064 in today’s dollars)
— Midwest: $27,600 ($220,157 in today’s dollars)
— South: $22,800 ($181,869 in today’s dollars)
— West: $25,300 ($201,811 in today’s dollars)
1970
– Median list price: $23,400
– Inflation-adjusted price: $176,283
– Median list price by region:
— Northeast: $30,300 ($228,264 in today’s dollars)
— Midwest: $24,400 ($183,817 in today’s dollars)
— South: $20,300 ($152,929 in today’s dollars)
— West: $24,000 ($180,803 in today’s dollars)
1971
– Median list price: $25,200
– Inflation-adjusted price: $182,145
– Median list price by region:
— Northeast: $30,600 ($221,176 in today’s dollars)
— Midwest: $27,200 ($196,601 in today’s dollars)
— South: $22,500 ($162,629 in today’s dollars)
— West: $25,500 ($184,313 in today’s dollars)
1972
– Median list price: $27,600
– Inflation-adjusted price: $193,170
– Median list price by region:
— Northeast: $31,400 ($219,766 in today’s dollars)
— Midwest: $29,300 ($205,068 in today’s dollars)
— South: $25,800 ($180,572 in today’s dollars)
— West: $27,500 ($192,470 in today’s dollars)
1973
– Median list price: $32,500
– Inflation-adjusted price: $214,067
– Median list price by region:
— Northeast: $37,100 ($244,365 in today’s dollars)
— Midwest: $32,900 ($216,701 in today’s dollars)
— South: $30,900 ($203,528 in today’s dollars)
— West: $32,400 ($213,408 in today’s dollars)
1974
– Median list price: $35,900
– Inflation-adjusted price: $213,007
– Median list price by region:
— Northeast: $40,100 ($237,927 in today’s dollars)
— Midwest: $36,100 ($214,194 in today’s dollars)
— South: $34,500 ($204,700 in today’s dollars)
— West: $35,800 ($212,414 in today’s dollars)
1975
– Median list price: $39,300
– Inflation-adjusted price: $213,649
– Median list price by region:
— Northeast: $44,000 ($239,200 in today’s dollars)
— Midwest: $39,600 ($215,280 in today’s dollars)
— South: $37,300 ($202,777 in today’s dollars)
— West: $40,600 ($220,717 in today’s dollars)
1976
– Median list price: $44,200
– Inflation-adjusted price: $227,169
– Median list price by region:
— Northeast: $47,300 ($243,101 in today’s dollars)
— Midwest: $44,800 ($230,252 in today’s dollars)
— South: $40,500 ($208,152 in today’s dollars)
— West: $47,200 ($242,587 in today’s dollars)
1977
– Median list price: $48,800
– Inflation-adjusted price: $235,570
– Median list price by region:
— Northeast: $51,600 ($249,087 in today’s dollars)
— Midwest: $51,500 ($248,604 in today’s dollars)
— South: $44,100 ($212,882 in today’s dollars)
— West: $53,500 ($258,258 in today’s dollars)
1978
– Median list price: $55,700
– Inflation-adjusted price: $249,818
– Median list price by region:
— Northeast: $58,100 ($260,582 in today’s dollars)
— Midwest: $59,200 ($265,515 in today’s dollars)
— South: $50,300 ($225,598 in today’s dollars)
— West: $61,300 ($274,934 in today’s dollars)
1979
– Median list price: $62,900
– Inflation-adjusted price: $253,575
– Median list price by region:
— Northeast: $65,500 ($264,057 in today’s dollars)
— Midwest: $63,900 ($257,607 in today’s dollars)
— South: $57,300 ($230,999 in today’s dollars)
— West: $69,600 ($280,585 in today’s dollars)
1980
– Median list price: $64,600
– Inflation-adjusted price: $229,449
– Median list price by region:
— Northeast: $69,500 ($246,853 in today’s dollars)
— Midwest: $63,400 ($225,187 in today’s dollars)
— South: $59,600 ($211,690 in today’s dollars)
— West: $72,300 ($256,798 in today’s dollars)
1981
– Median list price: $68,900
– Inflation-adjusted price: $221,712
– Median list price by region:
— Northeast: $76,000 ($244,559 in today’s dollars)
— Midwest: $65,900 ($212,058 in today’s dollars)
— South: $64,400 ($207,231 in today’s dollars)
— West: $77,800 ($250,351 in today’s dollars)
1982
– Median list price: $69,300
– Inflation-adjusted price: $210,063
– Median list price by region:
— Northeast: $78,200 ($237,040 in today’s dollars)
— Midwest: $68,900 ($208,850 in today’s dollars)
— South: $66,100 ($200,363 in today’s dollars)
— West: $75,000 ($227,341 in today’s dollars)
1983
– Median list price: $75,300
– Inflation-adjusted price: $221,259
– Median list price by region:
— Northeast: $82,200 ($241,534 in today’s dollars)
— Midwest: $79,500 ($233,600 in today’s dollars)
— South: $70,900 ($208,330 in today’s dollars)
— West: $80,100 ($235,363 in today’s dollars)
1984
– Median list price: $79,900
– Inflation-adjusted price: $224,949
– Median list price by region:
— Northeast: $88,600 ($249,443 in today’s dollars)
— Midwest: $85,400 ($240,434 in today’s dollars)
— South: $72,000 ($202,708 in today’s dollars)
— West: $87,300 ($245,783 in today’s dollars)
1985
– Median list price: $84,300
– Inflation-adjusted price: $229,249
– Median list price by region:
— Northeast: $103,300 ($280,919 in today’s dollars)
— Midwest: $80,300 ($218,372 in today’s dollars)
— South: $75,000 ($203,959 in today’s dollars)
— West: $92,600 ($251,821 in today’s dollars)
1986
– Median list price: $92,000
– Inflation-adjusted price: $245,418
– Median list price by region:
— Northeast: $125,000 ($333,449 in today’s dollars)
— Midwest: $88,300 ($235,548 in today’s dollars)
— South: $80,200 ($213,941 in today’s dollars)
— West: $95,700 ($255,288 in today’s dollars)
1987
– Median list price: $104,500
– Inflation-adjusted price: $269,133
– Median list price by region:
— Northeast: $140,000 ($360,561 in today’s dollars)
— Midwest: $95,000 ($244,666 in today’s dollars)
— South: $88,000 ($226,638 in today’s dollars)
— West: $111,000 ($285,873 in today’s dollars)
1988
– Median list price: $112,500
– Inflation-adjusted price: $278,325
– Median list price by region:
— Northeast: $149,000 ($368,626 in today’s dollars)
— Midwest: $101,600 ($251,359 in today’s dollars)
— South: $92,000 ($227,608 in today’s dollars)
— West: $126,500 ($312,961 in today’s dollars)
1989
– Median list price: $120,000
– Inflation-adjusted price: $283,307
– Median list price by region:
— Northeast: $159,600 ($376,798 in today’s dollars)
— Midwest: $108,800 ($256,865 in today’s dollars)
— South: $96,400 ($227,590 in today’s dollars)
— West: $139,000 ($328,164 in today’s dollars)
1990
– Median list price: $122,900
– Inflation-adjusted price: $275,238
– Median list price by region:
— Northeast: $159,000 ($356,084 in today’s dollars)
— Midwest: $107,900 ($241,645 in today’s dollars)
— South: $99,000 ($221,713 in today’s dollars)
— West: $147,500 ($330,330 in today’s dollars)
1991
– Median list price: $120,000
– Inflation-adjusted price: $257,871
– Median list price by region:
— Northeast: $155,900 ($335,018 in today’s dollars)
— Midwest: $110,000 ($236,382 in today’s dollars)
— South: $100,000 ($214,893 in today’s dollars)
— West: $141,100 ($303,214 in today’s dollars)
1992
– Median list price: $121,500
– Inflation-adjusted price: $253,388
– Median list price by region:
— Northeast: $169,000 ($352,449 in today’s dollars)
— Midwest: $115,600 ($241,083 in today’s dollars)
— South: $105,500 ($220,020 in today’s dollars)
— West: $130,400 ($271,949 in today’s dollars)
1993
– Median list price: $126,500
– Inflation-adjusted price: $256,207
– Median list price by region:
— Northeast: $162,600 ($329,322 in today’s dollars)
— Midwest: $125,000 ($253,169 in today’s dollars)
— South: $115,000 ($232,915 in today’s dollars)
— West: $135,000 ($273,422 in today’s dollars)
1994
– Median list price: $130,000
– Inflation-adjusted price: $256,634
– Median list price by region:
— Northeast: $169,000 ($333,625 in today’s dollars)
— Midwest: $132,900 ($262,359 in today’s dollars)
— South: $116,900 ($230,773 in today’s dollars)
— West: $140,400 ($277,165 in today’s dollars)
1995
– Median list price: $133,900
– Inflation-adjusted price: $257,120
– Median list price by region:
— Northeast: $180,000 ($345,643 in today’s dollars)
— Midwest: $134,000 ($257,312 in today’s dollars)
— South: $124,500 ($239,070 in today’s dollars)
— West: $141,000 ($270,754 in today’s dollars)
1996
– Median list price: $140,000
– Inflation-adjusted price: $261,164
– Median list price by region:
— Northeast: $186,900 ($348,654 in today’s dollars)
— Midwest: $137,500 ($256,500 in today’s dollars)
— South: $125,000 ($233,182 in today’s dollars)
— West: $153,900 ($287,094 in today’s dollars)
1997
– Median list price: $146,000
– Inflation-adjusted price: $266,136
– Median list price by region:
— Northeast: $190,000 ($346,341 in today’s dollars)
— Midwest: $149,900 ($273,245 in today’s dollars)
— South: $129,600 ($236,241 in today’s dollars)
— West: $160,000 ($291,656 in today’s dollars)
1998
– Median list price: $152,500
– Inflation-adjusted price: $273,749
– Median list price by region:
— Northeast: $200,000 ($359,015 in today’s dollars)
— Midwest: $157,500 ($282,725 in today’s dollars)
— South: $135,800 ($243,771 in today’s dollars)
— West: $163,500 ($293,495 in today’s dollars)
1999
– Median list price: $161,000
– Inflation-adjusted price: $282,805
– Median list price by region:
— Northeast: $210,500 ($369,754 in today’s dollars)
— Midwest: $164,000 ($288,075 in today’s dollars)
— South: $145,900 ($256,281 in today’s dollars)
— West: $173,700 ($305,113 in today’s dollars)
2000
– Median list price: $169,000
– Inflation-adjusted price: $287,189
– Median list price by region:
— Northeast: $227,400 ($386,430 in today’s dollars)
— Midwest: $169,700 ($288,378 in today’s dollars)
— South: $148,000 ($251,503 in today’s dollars)
— West: $196,400 ($333,751 in today’s dollars)
2001
– Median list price: $175,200
– Inflation-adjusted price: $289,569
– Median list price by region:
— Northeast: $246,400 ($407,247 in today’s dollars)
— Midwest: $172,600 ($285,271 in today’s dollars)
— South: $155,400 ($256,843 in today’s dollars)
— West: $213,600 ($353,036 in today’s dollars)
2002
– Median list price: $187,600
– Inflation-adjusted price: $305,193
– Median list price by region:
— Northeast: $264,300 ($429,971 in today’s dollars)
— Midwest: $178,000 ($289,576 in today’s dollars)
— South: $163,400 ($265,824 in today’s dollars)
— West: $238,500 ($387,999 in today’s dollars)
2003
– Median list price: $195,000
– Inflation-adjusted price: $310,106
– Median list price by region:
— Northeast: $264,500 ($420,630 in today’s dollars)
— Midwest: $184,300 ($293,090 in today’s dollars)
— South: $168,100 ($267,327 in today’s dollars)
— West: $260,900 ($414,905 in today’s dollars)
2004
– Median list price: $221,000
– Inflation-adjusted price: $342,321
– Median list price by region:
— Northeast: $315,800 ($489,163 in today’s dollars)
— Midwest: $205,000 ($317,538 in today’s dollars)
— South: $181,100 ($280,518 in today’s dollars)
— West: $283,100 ($438,512 in today’s dollars)
2005
– Median list price: $240,900
– Inflation-adjusted price: $360,995
– Median list price by region:
— Northeast: $343,800 ($515,194 in today’s dollars)
— Midwest: $216,900 ($325,031 in today’s dollars)
— South: $197,300 ($295,660 in today’s dollars)
— West: $332,600 ($498,410 in today’s dollars)
2006
– Median list price: $246,500
– Inflation-adjusted price: $357,857
– Median list price by region:
— Northeast: $346,000 ($502,306 in today’s dollars)
— Midwest: $213,500 ($309,949 in today’s dollars)
— South: $208,200 ($302,255 in today’s dollars)
— West: $337,700 ($490,256 in today’s dollars)
2007
– Median list price: $247,900
– Inflation-adjusted price: $349,847
– Median list price by region:
— Northeast: $320,200 ($451,879 in today’s dollars)
— Midwest: $208,600 ($294,385 in today’s dollars)
— South: $217,700 ($307,227 in today’s dollars)
— West: $330,900 ($466,980 in today’s dollars)
2008
– Median list price: $232,100
– Inflation-adjusted price: $315,512
– Median list price by region:
— Northeast: $343,600 ($467,083 in today’s dollars)
— Midwest: $198,900 ($270,381 in today’s dollars)
— South: $203,700 ($276,906 in today’s dollars)
— West: $294,800 ($400,745 in today’s dollars)
2009
– Median list price: $216,700
– Inflation-adjusted price: $295,525
– Median list price by region:
— Northeast: $302,500 ($412,534 in today’s dollars)
— Midwest: $189,200 ($258,021 in today’s dollars)
— South: $194,800 ($265,658 in today’s dollars)
— West: $263,700 ($359,621 in today’s dollars)
2010
– Median list price: $221,800
– Inflation-adjusted price: $297,609
– Median list price by region:
— Northeast: $329,900 ($442,657 in today’s dollars)
— Midwest: $197,700 ($265,272 in today’s dollars)
— South: $196,800 ($264,064 in today’s dollars)
— West: $259,300 ($347,926 in today’s dollars)
2011
– Median list price: $227,200
– Inflation-adjusted price: $295,575
– Median list price by region:
— Northeast: $322,800 ($419,945 in today’s dollars)
— Midwest: $203,300 ($264,482 in today’s dollars)
— South: $211,400 ($275,020 in today’s dollars)
— West: $256,000 ($333,042 in today’s dollars)
2012
– Median list price: $245,200
– Inflation-adjusted price: $312,513
– Median list price by region:
— Northeast: $368,800 ($470,044 in today’s dollars)
— Midwest: $230,600 ($293,905 in today’s dollars)
— South: $227,000 ($289,316 in today’s dollars)
— West: $270,000 ($344,121 in today’s dollars)
2013
– Median list price: $268,900
– Inflation-adjusted price: $337,767
– Median list price by region:
— Northeast: $371,200 ($466,267 in today’s dollars)
— Midwest: $255,300 ($320,684 in today’s dollars)
— South: $246,600 ($309,756 in today’s dollars)
— West: $310,500 ($390,021 in today’s dollars)
2014
– Median list price: $288,500
– Inflation-adjusted price: $356,626
– Median list price by region:
— Northeast: $398,000 ($491,983 in today’s dollars)
— Midwest: $273,800 ($338,455 in today’s dollars)
— South: $264,000 ($326,341 in today’s dollars)
— West: $339,000 ($419,051 in today’s dollars)
2015
– Median list price: $294,200
– Inflation-adjusted price: $363,232
– Median list price by region:
— Northeast: $442,800 ($546,700 in today’s dollars)
— Midwest: $276,700 ($341,626 in today’s dollars)
— South: $271,500 ($335,206 in today’s dollars)
— West: $348,500 ($430,273 in today’s dollars)
2016
– Median list price: $307,800
– Inflation-adjusted price: $375,267
– Median list price by region:
— Northeast: $428,300 ($522,180 in today’s dollars)
— Midwest: $277,100 ($337,838 in today’s dollars)
— South: $281,400 ($343,080 in today’s dollars)
— West: $367,700 ($448,297 in today’s dollars)
2017
– Median list price: $323,100
– Inflation-adjusted price: $385,700
– Median list price by region:
— Northeast: $490,400 ($585,414 in today’s dollars)
— Midwest: $284,400 ($339,502 in today’s dollars)
— South: $291,200 ($347,619 in today’s dollars)
— West: $390,000 ($465,561 in today’s dollars)
2018
– Median list price: $326,400
– Inflation-adjusted price: $380,362
– Median list price by region:
— Northeast: $484,600 ($564,716 in today’s dollars)
— Midwest: $290,900 ($338,993 in today’s dollars)
— South: $294,600 ($343,305 in today’s dollars)
— West: $410,600 ($478,482 in today’s dollars)
2019
– Median list price: $321,500
– Inflation-adjusted price: $367,981
– Median list price by region:
— Northeast: $482,500 ($552,257 in today’s dollars)
— Midwest: $289,200 ($331,011 in today’s dollars)
— South: $289,000 ($330,782 in today’s dollars)
— West: $408,000 ($466,987 in today’s dollars)
2020
– Median list price: $336,900
– Inflation-adjusted price: $380,842
– Median list price by region:
— Northeast: $470,700 ($532,093 in today’s dollars)
— Midwest: $298,100 ($336,981 in today’s dollars)
— South: $299,000 ($337,999 in today’s dollars)
— West: $412,600 ($466,415 in today’s dollars)
2021
– Median list price: $397,100
– Inflation-adjusted price: $428,814
– Median list price by region:
— Northeast: $560,900 ($605,696 in today’s dollars)
— Midwest: $339,900 ($367,046 in today’s dollars)
— South: $355,900 ($384,324 in today’s dollars)
— West: $510,400 ($551,163 in today’s dollars)
2022
– Median list price: $457,800
– Inflation-adjusted price: $457,800
– Median list price by region:
— Northeast: $640,200 ($640,200 in today’s dollars)
— Midwest: $405,000 ($405,000 in today’s dollars)
— South: $412,700 ($412,700 in today’s dollars)
— West: $578,800 ($578,800 in today’s dollars)