The 1980s: Taming Inflation, Growing Wealth
Paul Volcker crushed inflation with sky-high interest rates in the early 1980s, triggering a painful recession before ushering in a long boom. Gas prices actually fell during the decade as oil markets stabilized. Home prices climbed steadily, and consumer electronics started getting cheaper.
Decade Highlights
- Inflation was tamed from over 13% to under 5% by mid-decade.
- Gas hit $1.31 in 1981 then dropped back to $0.86 by 1986.
- The median home price nearly doubled from $64,600 to $120,000.
What Things Cost in the 1980s
Gallon of Gas
$1.19 - $0.86
New Car
$6,290 - $11,350
Dozen Eggs
$0.91
Gallon of Milk
$2.16
Loaf of Bread
$0.52
Movie Ticket
$3.50
Minimum Wage
$3.10 - $3.35/hr
Median Home
~$92,000
Explore the Full Data
Dive into the year-by-year numbers for each dataset.