Detroit price inflation, 1974→2024

Inflation in Michigan

Prices in Detroit, 1974-2024 ($1,000,000)

According to the U.S. Bureau of Labor Statistics, prices in Detroit, Michigan are 481.93% higher in 2024 versus 1974 (a $4,819,318.48 difference in value).

Between 1974 and 2024: Detroit experienced an average inflation rate of 3.59% per year. This rate of change indicates significant inflation. In other words, $1,000,000 in Detroit in the year 1974 would cost $5,819,318.48 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 3.77% during this same period, inflation in Detroit was lower.

In the year 1974: Pricing changed by 10.83%, which is significantly above the average yearly change in Detroit during the 1974-2024 time period. Compared to inflation for all items in 1974 (11.05%), inflation in Detroit was lower.

Price Inflation in Detroit, Michigan since 1914

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

Years with the largest changes in pricing: 1920 (21.92%), 1918 (21.89%), and 1919 (21.46%).

View price changes for other categories
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Buying power of $1,000,000.00 since 1974

Below are calculations of equivalent buying power in Detroit, over time, for $1,000,000 beginning in 1974. Each of the amounts below is equivalent in terms of what it could buy at the time:

Year	USD Value	Inflation Rate
1974	$1,000,000.00	10.83%
1975	$1,074,468.09	7.45%
1976	$1,132,812.50	5.43%
1977	$1,210,605.05	6.87%
1978	$1,302,526.60	7.59%
1979	$1,468,085.11	12.71%
1980	$1,701,462.77	15.90%
1981	$1,859,375.00	9.28%
1982	$1,934,674.20	4.05%
1983	$1,989,860.37	2.85%
1984	$2,059,507.98	3.50%
1985	$2,131,150.27	3.48%
1986	$2,160,904.26	1.40%
1987	$2,226,396.28	3.03%
1988	$2,311,003.99	3.80%
1989	$2,433,676.86	5.31%
1990	$2,558,843.09	5.14%
1991	$2,652,260.64	3.65%
1992	$2,707,945.48	2.10%
1993	$2,781,083.78	2.70%
1994	$2,868,849.73	3.16%
1995	$2,959,441.49	3.16%
1996	$3,039,561.17	2.71%
1997	$3,114,694.15	2.47%
1998	$3,183,676.86	2.21%
1999	$3,266,622.34	2.61%
2000	$3,381,482.71	3.52%
2001	$3,477,393.62	2.84%
2002	$3,564,162.23	2.50%
2003	$3,639,627.66	2.12%
2004	$3,695,478.72	1.53%
2005	$3,801,030.59	2.86%
2006	$3,917,553.19	3.07%
2007	$3,988,804.85	1.82%
2008	$4,086,003.99	2.44%
2009	$4,054,223.74	-0.78%
2010	$4,088,720.08	0.85%
2011	$4,218,053.52	3.16%
2012	$4,307,623.01	2.12%
2013	$4,376,602.39	1.60%
2014	$4,424,022.61	1.08%
2015	$4,365,709.77	-1.32%
2016	$4,429,456.45	1.46%
2017	$4,519,517.95	2.03%
2018	$4,630,560.17	2.46%
2019	$4,691,851.73	1.32%
2020	$4,739,629.32	1.02%
2021	$4,935,649.93	4.14%
2022	$5,340,739.69	8.21%
2023	$5,631,386.30	5.44%
2024	$5,819,318.48	3.34%*

* 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 Detroit, Michigan:

Year	1914	1915	1916	1917	1918	1919	1920	1921	1922	1923	1924	1925	1926	1927	1928	1929	1930	1931	1932	1933	1934	1935	1936	1937	1938	1939	1940	1941	1942	1943	1944	1945	1946	1947	1948	1949	1950	1951	1952	1953	1954	1955	1956	1957	1958	1959	1960	1961	1962	1963	1964	1965	1966	1967	1968	1969	1970	1971	1972	1973	1974	1975	1976	1977	1978	1979	1980	1981	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	9.700	9.733	10.233	11.917	14.525	17.642	21.508	19.517	17.442	17.958	18.050	18.158	18.467	18.158	17.525	17.508	17.217	15.183	13.250	11.917	12.592	13.267	13.825	14.608	14.533	14.033	14.117	15.000	16.658	17.567	17.800	18.275	19.867	22.642	24.467	24.150	24.550	26.475	27.142	27.625	27.725	27.675	28.192	29.017	29.417	29.408	29.650	29.817	29.908	30.200	30.450	31.150	32.533	33.625	35.075	37.208	39.508	40.950	42.467	45.233	50.133	53.867	56.792	60.692	65.300	73.600	85.300	93.217	96.992	99.758	103.250	106.842	108.333	111.617	115.858	122.008	128.283	132.967	135.758	139.425	143.825	148.367	152.383	156.150	159.608	163.767	169.525	174.333	178.683	182.467	185.267	190.558	196.400	199.972	204.845	203.252	204.981	211.465	215.956	219.414	221.791	218.868	222.063	226.578	232.145	235.218	237.613	247.441	267.749	282.320	291.742

Adjust Detroit prices for inflation

Start with the inflation rate formula:

CPI in 2024 / CPI in 1974 * 1974 USD value = 2024 USD value

Then plug in historical CPI values from above. The CPI for Detroit, Michigan was 50.133 in the year 1974 and 291.742 in 2024:

291.742 / 50.133 * $1,000,000 = $5,819,318.48

Therefore, according to U.S. Bureau of Labor Statistics, $1,000,000 in 1974 has the same "purchasing power" as $5,819,318.48 in 2024 (in the CPI category of Detroit, Michigan).

Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for Detroit, Michigan in 1914. In addition to Detroit, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.

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