Inflation Nation: How Prices Have Changed Since the 1980s
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The 1980s were a decade of iconic pop culture moments, from the rise of MTV to the birth of the Cabbage Patch Kids craze. But while we may look back fondly on the fashion and music of the era, it’s easy to forget just how much the cost of living has changed since then. Let’s take a trip down memory lane and compare the prices of everyday items in 1985 to their modern-day equivalents. Get ready for some serious sticker shock!
Cabbage Patch Kids
In 1985, the must-have toy was a Cabbage Patch Kid, which would set you back $33.95 (about $97.99 in today’s dollars). Today, you can snag one of these nostalgic dolls for around $59 – still not cheap, but a bargain compared to the ’80s price.
Stamps
Back in 1985, a stamp cost just 22 cents (equivalent to about 63 cents today). In 2023, the price of a stamp has risen to 68 cents – not a huge difference, but a reminder of how even small costs can add up over time.
Bananas
In 1985, a pound of bananas would set you back about 25 cents (around 72 cents in today’s money). Surprisingly, the price has actually gone down since then – you can now buy a pound of bananas for around 58 cents.
Music
If you wanted to buy a record album in 1985, you’d be looking at a price tag of around $6 (equivalent to $17.30 today). In 2023, a new record can cost upwards of $30 – a steep increase, even when adjusted for inflation.
Movie Tickets
A night out at the movies in 1985 would cost you around $3.75 per ticket (about $10.83 in today’s dollars). In 2023, the average movie ticket price is $12.3 – not a huge jump, but still a noticeable increase.
Walkman
In 1985, a Sony Walkman cassette player could cost anywhere from $30 to over $100 (equivalent to $86 to $370 today). While the Walkman has largely been replaced by digital music players, a high-end Sony Walkman can still set you back around $298 in 2023.
Concert Tickets
If you wanted to see your favorite band live in 1985, you’d be looking at a ticket price of around $15 (equivalent to $43 in today’s dollars). In 2023, the average concert ticket price has skyrocketed to over $100, with some big-name acts charging hundreds or even thousands of dollars per ticket.
Microwaves
In 1985, a basic microwave oven would cost you around $177 (about $510 in today’s money). In 2023, you can buy a basic microwave for as little as $75 – a significant drop in price, even when adjusted for inflation.
Televisions
A 20-inch color TV in 1985 would set you back about $500 (equivalent to a whopping $1,442 today). In 2023, you can buy a 24-inch color TV for as little as $89 – a fraction of the cost, even when adjusted for inflation.
Computers
If you wanted a top-of-the-line computer in 1985, you’d be looking at a price tag of around $4,395 for an IBM PC XT (equivalent to $11,687 in today’s dollars). In 2023, you can buy a high-end laptop with vastly superior specs for around $1,039 – still not cheap, but a bargain compared to the ’80s price.
Cell Phones
In 1985, a Motorola DynaTAC cell phone would cost you a staggering $9,000 (equivalent to $25,995 in today’s money). While the latest iPhone models can still be pricey, with some costing up to $1,499, they are a far cry from the astronomical prices of early cell phones.
Cars
A base model Honda Accord in 1985 would cost you around $8,260 (equivalent to $23,800 in today’s dollars). In 2023, a base model Accord starts at $28,995 – a significant increase, even when adjusted for inflation.
Gas
In 1985, the national average price for a gallon of gas was $1.12 (equivalent to $3.23 in today’s money). In 2023, the national average is around $3.52 per gallon – not a huge difference, but still a noticeable increase.
Homes
In 1985, the median price for a new home was around $84,500 (equivalent to $243,000 in today’s dollars). In 2023, the median price for a new home has skyrocketed to $387,000 – a staggering increase, even when adjusted for inflation.
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