In 1929, the average cost to build a one-family dwelling in major U.S. cities was approximately $ 4 , 902 $ 4 , 9 0 2 , according to Department of Labor data from that time. While many bungalows were available for between $ 1 , 500 $ 1 , 5 0 0 and $ 5 , 000 $ 5 , 0 0 0 , city-specific averages were higher, such as $ 7 , 489 $ 7 , 4 8 9 in Washington D.C. and $ 6 , 141 $ 6 , 1 4 1 in New York.
-The average cost of 43,320 one-family dwellings in eighty-five cities built in 1929 is estimated at $4,902, exclusive of the land, says the Department of Labor. Washington, with an average cost of $7,489 for 863 homes, showed a higher average expenditure than any other city.
In 1930, the average cost of a new house was around $7,145, though prices could range from roughly $6,000 to over $14,000 for higher-end homes, with median prices sometimes cited around $6,106, all while wages were significantly lower, around $1,970 per year, making it a substantial investment despite seeming low today.
In 1920, the average cost of a new house was around $3,000 to $6,000, translating to roughly $45,000 to $90,000 in today's money, though prices varied significantly by location and amenities, with some basic homes potentially costing much less and luxurious ones far more, and homeownership was less common, with many people renting.
The average cost of one-family dwellings built during the first half of 1928 in fourteen cities of the United States having a population of 500,000 or over was $5,169, according to figures collected by the United States Bureau of Labor Statistics.
Back in 1925, a new house cost approximately $11,600, and rent averaged $75 per month, according to research by the Morris County Library. Adjusted to 2024 dollars, that equates to about $211,619 to purchase a home and $1,368 per month to rent one.
The average income of Americans in 1925 was $5,425, which would be $98,968 in today's dollars.
In 1932, during the Great Depression, the average cost of a new house was around $3,900 to $6,500, significantly lower than in previous years due to the economic crisis, with some sources noting figures like $3,925 (1936) or an average around $6,510 for a new build, though prices varied greatly by region and condition. A new car cost about $610, and average yearly income was low, around $1,652, making homeownership challenging despite the lower prices.
Before 1950, most U.S. families rented their homes. Renters in 1931 paid an average of $18 per month to their landlord in rent.
A single dollar from 1929 has the same buying power as approximately $18.95 today (early 2026), reflecting nearly 97 years of inflation, with prices increasing by about 1,795%. This means your money today buys much less than it did in 1929, showing the significant impact of inflation on purchasing power.
What Could a Dollar Buy You in the 1920s?
If you'd been lucky enough to have £1,000 in cash, in your hand, in 1929, it would have given you purchasing power equivalent to over £60,387 today.
Rent prices for a single person's apartment in the 1920s averaged at about $60 per month. Yes… just $60 per month! According to the US Inflation Calculator, however, that amount of money would be equivalent to about $776 today, which is on the lower end of apartment rental prices nowadays.
1930: 26¢ per gallon
The price dropped from 35¢ per gallon to 26¢ per gallon. It doesn't sound like much, but 9¢ in 1930 is about $1.09 in today's dollars.
People today have about 63% more purchasing power than they did in 1973. However, the cost of necessities — such as housing and education — has skyrocketed over that time. Home prices have risen about 1,045% since 1973.
Prices for a 1912 touring car started at $690. It was the final year for the Model T's expensive brass windshield frame and all-leather upholstery. Ford Motor Company built nearly 69,000 Model Ts for 1912.