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Thirty years ago, the dollar had a lot more purchasing power than it does now.
A single dollar back in 1994 would be worth about $2.12 today.
Heres an estimate of how much life in 1994 would cost you today.
Also see how much it cost to fill up your gas tank going back to the 1980s.
Housing
The cost of housing has increased exponentially over the past three decades.
Using aninflation calculator, youll see that $130,000 back then would be roughly $276,000 now.
That means youd need a little over twice as much money to afford that same home.
You would need $196,707 back then to afford todays median home price.
This phenomenon has also been observed within fast food industry.
Take Taco Bell as an example.
Chances are you also remember howcheap fast foodwas.
It was just $0.49 (or $1.04 in todays money).
A supreme taco was $0.79 (or $1.68 today).
A crunchy taco, for example, costs $1.79.
A supreme crunchy taco costs $2.69.
Prices have inflated in other fast-food chains as well.
At McDonalds, a Big Mac cost about $2.40 back in 1994.
Today, it retails at around $5.50.
Entertainment
According to theU.S.
Bureauof Labor Statistics most recent data, the average American household spends $3,458 on entertainment each year.
The equivalent of that would have been $1,631 a year in 1994.
Entertainment can cover a number of things, including going to a concert or the movies.
With movies, you could expect to pay around $4 per ticket back in 1994.
Today, that same ticket would be closer to $12 higher in some parts of the country.
Thats about $10,039 in todays dollars.
The equivalent back in 1994 would have been $2,688, or $224 a month.
These are just estimates based on the purchasing power of todays dollar.
Gasoline
The price of gasoline has risen faster than theaverage inflation rate.
Back in 1994, it was just $1.16.
Median Income in 1994 vs. Today
TheU.S.
Censusreported that the median household income in 1994 was $32,264 a year.
Today, its about $75,000.
However, the costs of some everyday goods and services have risen faster than wages.
Its also worth noting that the average annual expenditure in 1994 was $32,740.
Today, its a little over $72,000.
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