How US house prices have changed since 1963
lovemoney staff
04 October 2017
How times have changed
We've looked back through the US Census Bureau's data to see how the prices paid for new houses have changed each year since 1963, along with a key event from each 12 months. Find out how much you’d have paid for property over the years.
1963: President Kennedy is assassinated
1963 went down in history for all the wrong reasons, at least in the US. Buying a new home that year would have cost you around $19,300 (equivalent to $153,760 today).
1964: The Beatles take the world by storm
This was the year the world went crazy for The Beatles with the likes of I Want To Hold Your Hand and Can’t Buy Me Love. It wasn’t just their singles you could buy on the cheap though – the average new-build went for $20,500 ($161,226 today).
1965: Protestors march against the Vietnam War
As the Vietnam war worsened and a crowd of 35,000 gathered in Washington to protest, house prices continued to rise – a new home cost around $21,500 ($166,264 in today’s money).
1966: Fashion gets fun
You can’t look back on the mid-60s without remembering the fashions, with bold patterns, flowery shirts and miniskirts ruling the roost. In the housing market new-builds were selling for an average of $23,300 ($175,105 in 2017).
1967: Twiggy enters the scene
When Twiggy, the world’s first supermodel, was thrust into the limelight over in the UK – changing the fashion world forever – you could buy a new house for $24,600 ($179,665 in today’s money).
1968: Martin Luther King is shot dead
The assassination of Martin Luther King sent shockwaves through the world in 1968. That year, the average new home cost $26,600 (equivalent to $186,441 today).
1969: Neil Armstrong lands on the moon
One small step for man and one giant leap for mankind made 1969 go down in history thanks to Neil Armstrong, the first man to walk on the moon. Back on Earth new houses cost an average of $27,900 (that’s $185,534 now).
1970: Jimi Hendrix and The Who rock the Isle of Wight Festival
The 70s came in with a bang; music was having its heyday and the largest-ever rock festival took place on the Isle of Wight in England, with over 600,000 fans attending. House prices were rising too; new homes went for an average of $26,600 ($167,034 today).
1971: Greenpeace is born
1971 saw house prices rise to $28,300 (equivalent to about $170,383 now). The year was also an iconic one for environmental activists, with the founding of Greenpeace marking the start of an eco-revolution.
1972: Munich massacre
1972 marked a dark year in world history after 11 Israeli athletes were killed at the Munich Summer Olympics. The same year new property prices went up to $30,500 ($177,762 in current terms).
1973: Sydney Opera House opens
The average new home cost $35,500 (equivalent to $194,825 today) in 1973, which is the year Sydney’s iconic architectural masterpiece first opened.
1974: Richard Nixon resigns after Watergate scandal comes to light
An eventful few years in American politics culminated in Richard Nixon being forced to resign after his involvement in the Watergate scandal came to light. At that time, new houses in the country averaged at $38,900 (current value of $192,328).
1975: Microsoft is founded
In the year Bill Gates and Paul Allen joined forces to create Microsoft, inflation rates continued to skyrocket. House prices remained steady though, with new-builds costing $42,600 on average (that’s $193,053 to you and me).
1976: First commercial flights on Concorde
While Concorde dominated the news with its first commercial flights, cutting transatlantic journey times to just 3.5 hours, new properties were selling for an average of $48,000 ($205,600 today).
1977: Elvis Presley dies
The year the world was mourning the death of the King of rock ’n’ roll, you’d have been paying $54,200 ($217,988 today) for the average new home.
1978: Space Invaders launches
1978 was the year video games went big, mainly thanks to Space Invaders. That year, new homes were selling for around $62,500 ($233,615 now).
1979: Margaret Thatcher is elected
1979 was a big year for British politics, with Margaret Thatcher making history as the UK’s first female prime minister. Over the pond, new properties were averaging $71,800 (equivalent to $240,696 today).
1980: US boycott of Moscow Olympics
With the dawn of the 80s, average prices for new homes hovered around $76,400 ($225,654 in today’s money). That year, a US-led boycott saw 60 countries pull out from the Moscow Olympics in response to the Soviet Union’s invasion of Afghanistan.
1981: Lady Diana marries Prince Charles
The year Lady Diana married Prince Charles, you could buy a new-build for $83,000 on average (worth $222,255 now).
1982: The UK and Argentina go to war over the Falklands
As the UK and Argentina fought over ownership of the Falkland Islands, house prices in the US fell in relative terms to $83,900 – equivalent to $211,549 today.
1983: First mobile phone call made
1983 saw Martin Cooper, a senior engineer at Motorola, make the first ever mobile phone call, and we haven’t looked back since. At that time, new house prices averaged at $89,800 (worth $219,405 today).
1984: Band Aid
If you were born in 1984, Do They Know It’s Christmas? might have been playing in your house that holiday season, thanks to Bob Geldof and co, who went on to organize the legendary Live Aid concert the following year. At that time, an average new home would have been $97,600 – that’s $228,631 now.
1985: First version of Windows is released
As the tech world marched on with the launch of Windows, new house prices broke six figures, hitting $100,800 ($227,922 in current terms).
1986: Chernobyl Nuclear Power Station explodes
The year the Chernobyl disaster occurred, you’d have paid an average of $111,900 ($248,303 now) for a new home.
1987: US stock market crashes
Black Monday saw the stock market plunge 22% in one single day in the US, while prices for a new home rose to $127,200 (worth $272,445 now).
1988: NASA resumes space shuttle flights
The year NASA space shuttle flights resumed, following the Challenger disaster two years earlier, new homes averaged $138,300 (equivalent to $284,553 now).
1989: Fall of the Berlin Wall
The year the reunification of East and West Germany was announced, the price of new homes rose sharply to $148,800 ($292,135 in current terms).
1990: Nelson Mandela is freed
As the world celebrated the release of Nelson Mandela from prison, the average American new home sold for $149,800 (equal to $279,030 in 2017).
1991: World wide web introduced
In 1991, Tim Berners-Lee officially introduced the world wide web to the public. If you were buying your first property that same year, you’d have been in luck – the price of a new home fell to $147,200 ($263,136 now) as the economic bubble burst.
1992: Euro Disney opens in France
The birth of what’s now Disneyland Paris coincided with a further fall in house prices – you’d have been looking at an average of $144,100 (now worth $250,092) for a brand new place.
1993: Tsunami hits Japan
The year the world was horrified by a tsunami on the island of Okushiri in 1993, which killed 202 people, new homes were averaging $147,700 (equivalent to $248,873 today).
1994: Channel Tunnel opens
1994 was a memorable year for England and France, as the Channel Tunnel officially connected the two together for the first time in history. At that time, new homes in the US sold for an average of $154,500 (or $253,734 today).
1995: O.J. Simpson acquitted of murder
During the year of the big O.J. Simpson trial, you’d have paid $158,700 for the average new home ($254,275 now).
1996: Dolly the sheep is cloned
If you were born in 1996 you share your birth-year with Dolly, the first mammal to have ever been cloned. While that was going on in Britain, new houses in the US were selling for an average of $166,400 (that’s $258,846 today).
1997: Princess Diana dies
1997 is remembered for the tragic death of Princess Diana. That year, the average price for a new property rose to $176,200 (worth $269,509 today).
1998: Russian banks collapse
While Russia suffered a major financial crisis in 1998, with the rouble tumbling 70% in the space of six months, the American housing market grew, with new homes selling for $181,900 on average ($273,846 now).
1999: Global population exceeds six billion
The end of the 90s saw house prices rise to $195,600 (worth $286,729 in 2016) the same year as the six-billionth person in the world was born.
2000: Concorde crashes while taking off from Paris
In the year of the tragic Concorde crash, a new house in the US would have cost an average of $207,000 (worth $293,463 now).
2001: First space tourist lifts off
In the early noughties, $213,200 ($297,493 in current money) was the going rate for the average new home. If you had $20 million going spare on top of that, you could have ventured to space like Dennis Tito, the first space tourist.
2002: The Queen celebrates her Golden Jubilee
As the world celebrated Queen Elizabeth II’s 50th year on the throne, new house prices stood at $228,700 ($311,642 today).
2003: The second Iraq war
At the time of the second war in Iraq, new American homes were averaging $246,300 (equivalent to $329,367 now).
2004: Boxing Day tsunami hits Asia
Around 230,000 people were killed in the devastating Indian Ocean tsunami in 2004. That year, the price of new homes soared to $274,500 ($355,351 in today’s money).
2005: Benedict XVI becomes the new Pope
In 2005, the year when Pope John Paul II died and Benedict XVI was chosen as his successor, the average new home was sold for $297,000 (now worth $371,836).
2006: New Horizon Space Probe is launched by NASA
It might have been takeoff for the New Horizons Probe in 2006, which went off to explore Jupiter and Pluto, but it wasn’t for the US new housing market. House prices fell in relative terms, landing at $305,900 (equivalent to $373,637 now).
2007: Global financial crisis begins
By 2007, the price of new homes had risen to an average of $313,600 ($372,609 in current terms). But it wasn’t to last long – the American housing bubble exploded later that year as a global financial crisis began.
2008: Citigroup reports $9.8 billion loss
While American banks suffered on the back of the global financial crisis, house prices plunged in major markets, with new homes in the US falling to an average of $292,600 (worth $334,930 now).
2009: Barack Obama becomes US president
As the US welcomed President Obama, property prices continued to slide. If you were house-hunting that year, you could have bought a new-build for an average of $270,900 ($311,336 in relative terms).
2010: BP Deepwater Horizon rig explodes in the Gulf of Mexico
At the time of the Deepwater Horizon oil spill, considered one of the biggest environmental disasters in history, $272,900 (worth $308,696 today) was the going rate for a new home in the US.
2011: Arab Spring protests
In 2011 house prices had fallen again to $267,900 ($294,499 in today’s money). It was the year of the Arab Spring, when countries across the Middle East rose up to fight against the leading powers, ending with the fall of Gaddafi and the liberation of Libya.
2012: Skydiver Felix Baumgartner breaks the sound barrier
The year 2012 saw Felix Baumgartner break the record for the world’s highest skydive, reaching a maximum velocity of 833.9mph during his 24 mile-high leap. Back on Earth the housing market began to recover, with US new-builds averaging $292,200 this year (equivalent to $314,606 now).
2013: NSA secret surveillance program revealed
The year Edward Snowden leaked information about the NSA’s PRISM program, new houses cost an average of $324,500 ($344,219 in today’s money).
2014: Malaysia Airlines Flight 370 goes missing
While the world was shocked by the mystery of the disappearing Malaysia Airlines plane, new properties were valued at an average of $345,800 (equivalent to $361,036 today).
2015: US Supreme Court affirms same-sex marriage
In the year that saw a landmark decision when the United States Supreme Court ruled 5-4 in favour of same-sex marriage nationwide, buying a property would have set you back $326,900 (or $332,882 in 2017 money).
2016: Donald Trump is elected US President
In November 2016, former reality star and property billionaire Donald J Trump was elected the 45th President of the United States, beating democrat Hillary Clinton in the Electoral College. Meanwhile average property prices had risen to $363,400 (approximately $384,000 as we don't yet have average property figures for 2017).
Comments
Be the first to comment
Do you want to comment on this article? You need to be signed in for this feature