Average Prices Over the Years
Over the years, there is no doubt that the cost of living has gone up tremendously. Let’s take a look at the price changes of some products over the years to see just how much has changed.
Average Prices of Homes
The average price of a house 40 years ago was just around $68,700. In 2000, This average totaled a little under $200,000, and it averaged around $385,880 in 2018. Today, this is said to have increased by 8% since 2018. This would make the average cost of a home today come to around $415,000. This means that the average cost of a house has increased about $346,300 since 40 years prior.
Gas Prices Continue to Increase
Gas prices are known for fluctuating from the year to year. In 1980, gas was an average of $1.19 per gallon. In 2000, the average cost per gallon was $1.26, which then grew to $2.82 in 2018. In 2022, gas prices continue to fluctuate, but they maintain an increase overall. In the year 2022, we have gas prices rising all the way up to six dollars in some states like California, Alaska, and Hawaii.
Average Price of Groceries
The average price increase in 2022 for food is around 10%-11%. One common household food in many families is a loaf of bread. A loaf of bread cost a consumer an average of 50 cents in 1980. However, in 2000, this cost went up to $1.26 and again to $1.98 in 2018. Today, the average price continues to increase based on the economy. The price of all food and common household essentials continue to increase as well.
Reasons for Increase
The main reason for these increases can be attributed to inflation or rising prices. However, it is important to note that there are other factors that can play a role in the cost of goods. For example, war, weather, and population are some examples that can cause price fluctuation. If we are at war with another country that supplies us with a large quantity of oil, then the price of gas may increase. If there isn’t enough rain for the crops, there might be a crop shortage. This can result in inflation of the crop prices. If the population is too high, there may be an increase in the demand for products making price increases. All of these factors can be interconnected. The rise in gas prices can lead to the rise in food prices due to truck drivers delivering food using more gas.
At Advance Financial, we know price increases can be a challenge to many individuals and families. If you are needing a little extra cash in your pockets, you can fill out your information to qualify for a line of credit today. To get approved click on “Get Cash Now” at the top of the page. Depending on your state, you will be offered an online line of credit or an online installment loan to get the cash you need. Fill out our quick and easy application form, and our team will be here to answer all your questions and offer a world-class customer experience throughout the process.