$38,000 in 1917 is equivalent in purchasing power to about $814,357.81 today, an increase of $776,357.81 over 104 years. The dollar had an average inflation rate of 2.99% per year between 1917 and today, producing a cumulative price increase of 2,043.05%.

This means that today's prices are 21.43 times higher than average prices since 1917, according to the Bureau of Labor Statistics consumer price index. A dollar today only buys 4.67% of what it could buy back then.

The 1917 inflation rate was 17.43%. The current year-over-year inflation rate (2020 to 2021) is now 5.39%^{1}.
If this number holds, $38,000 today will be equivalent in buying power to $40,048.33 next year.
The current inflation rate page gives more detail on the latest inflation rates.

Contents

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Cumulative price change | 2,043.05% |

Average inflation rate | 2.99% |

Converted amount ($38,000 base) | $814,357.81 |

Price difference ($38,000 base) | $776,357.81 |

CPI in 1917 | 12.800 |

CPI in 2021 | 274.310 |

Inflation in 1917 | 17.43% |

Inflation in 2021 | 5.39% |

$38,000 in 1917 | $814,357.81 in 2021 |

This chart shows a calculation of buying power equivalence for $38,000 in 1917 (price index tracking began in 1635).

For example, if you started with $38,000, you would need to end with $814,357.81 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When $38,000 is equivalent to $814,357.81 over time, that means that the "real value" of a single U.S. dollar decreases over time. In other words, a dollar will pay for fewer items at the store.

This effect explains how inflation erodes the value of a dollar over time. By calculating the value in 1917 dollars, the chart below shows how $38,000 is worth less over 104 years.

According to the Bureau of Labor Statistics, each of these USD amounts below is equal in terms of what it could buy at the time:

This conversion table shows various other 1917 amounts in today's dollars, based on the 2,043.05% change in prices:

Initial value | Equivalent value |
---|---|

$1 dollar in 1917 | $21.43 dollars today |

$5 dollars in 1917 | $107.15 dollars today |

$10 dollars in 1917 | $214.30 dollars today |

$50 dollars in 1917 | $1,071.52 dollars today |

$100 dollars in 1917 | $2,143.05 dollars today |

$500 dollars in 1917 | $10,715.23 dollars today |

$1,000 dollars in 1917 | $21,430.47 dollars today |

$5,000 dollars in 1917 | $107,152.34 dollars today |

$10,000 dollars in 1917 | $214,304.69 dollars today |

$50,000 dollars in 1917 | $1,071,523.44 dollars today |

$100,000 dollars in 1917 | $2,143,046.88 dollars today |

$500,000 dollars in 1917 | $10,715,234.38 dollars today |

$1,000,000 dollars in 1917 | $21,430,468.75 dollars today |

Inflation can vary widely by city, even within the United States. Here's how some cities fared in 1917 to 2021 (figures shown are purchasing power equivalents of $38,000):

**San Francisco, California**: 3.34% average rate, $38,000 → $1,153,462.97, cumulative change of 2,935.43%**Seattle, Washington**: 3.31% average rate, $38,000 → $1,120,901.39, cumulative change of 2,849.74%**New York**: 3.15% average rate, $38,000 → $960,063.26, cumulative change of 2,426.48%**Boston, Massachusetts**: 3.09% average rate, $38,000 → $901,285.36, cumulative change of 2,271.80%**Philadelphia, Pennsylvania**: 3.04% average rate, $38,000 → $856,036.62, cumulative change of 2,152.73%**Chicago, Illinois**: 2.99% average rate, $38,000 → $815,717.53, cumulative change of 2,046.63%**Houston, Texas**: 2.98% average rate, $38,000 → $808,670.26, cumulative change of 2,028.08%**Detroit, Michigan**: 2.95% average rate, $38,000 → $780,222.38, cumulative change of 1,953.22%

San Francisco, California experienced the highest rate of inflation during the 104 years between 1917 and 2021 (3.34%).

Detroit, Michigan experienced the lowest rate of inflation during the 104 years between 1917 and 2021 (2.95%).

Note that some locations showing 0% inflation may have not yet reported latest data.

Inflation can also vary widely by country. For comparison, in the UK £38,000.00 in 1917 would be equivalent to £2,704,180.10 in 2021, an absolute change of £2,666,180.10 and a cumulative change of 7,016.26%.

In Canada, CA$38,000.00 in 1917 would be equivalent to CA$629,060.24 in 2021, an absolute change of CA$591,060.24 and a cumulative change of 1,555.42%.

Compare these numbers to the US's overall absolute change of $776,357.81 and total percent change of 2,043.05%.

CPI is the weighted combination of many categories of spending that are tracked by the government. Breaking down these categories helps explain the main drivers behind price changes. This chart shows the average rate of inflation for select CPI categories between 1917 and 2021.

Compare these values to the overall average of 2.99% per year:

Category | Avg Inflation (%) | Total Inflation (%) | $38,000 in 1917 → 2021 |
---|---|---|---|

Food and beverages | 3.89 | 5,172.32 | 2,003,480.69 |

Housing | 4.16 | 6,856.50 | 2,643,468.40 |

Apparel | 1.68 | 468.21 | 215,918.47 |

Transportation | 3.27 | 2,741.67 | 1,079,833.50 |

Medical care | 4.69 | 11,618.87 | 4,453,170.91 |

Recreation | 1.13 | 222.80 | 122,663.30 |

Education and communication | 1.83 | 560.50 | 250,988.80 |

Other goods and services | 4.94 | 14,969.71 | 5,726,488.55 |

The graph below compares inflation in categories of goods over time. Click on a category such as "Food" to toggle it on or off:

For all these visualizations, it's important to note that not all categories may have been tracked since 1917. This table and charts use the earliest available data for each category.

Our calculations use the following inflation rate formula to calculate the change in value between 1917 and today:

CPI today
CPI in 1917

×

1917 USD value

=

Today's value

Then plug in historical CPI values. The U.S. CPI was 12.8 in the year 1917 and 274.31 in 2021:

274.3112.8

×

$38,000

=

$38,000 in 1917 has the same "purchasing power" or "buying power" as $814,357.81 in 2021.

To get the total inflation rate for the 104 years between 1917 and 2021, we use the following formula:

CPI in 2021 - CPI in 1917CPI in 1917

×

100

=

Plugging in the values to this equation, we get:

274.31 - 12.812.8

×

100

=

The average inflation rate of 2.99% has a compounding effect between 1917 and 2021. As noted above, this yearly inflation rate compounds to produce an overall price difference of 2,043.05% over 104 years.

To help put this inflation into perspective, if we had invested $38,000 in the S&P 500 index in 1917, our investment would be * nominally* worth approximately $1,113,059,387.44 in 2021. This is a return on investment of 2,929,003.65%, with an absolute return of $1,113,021,387.44 on top of the original $38,000.

These numbers are not inflation adjusted, so they are considered *nominal*. In order to evaluate the *real* return on our investment, we must calculate the return with inflation taken into account.

The compounding effect of inflation would account for 95.33% of returns ($1,061,121,214.72) during this period. This means the inflation-adjusted * real* return of our $38,000 investment is $51,900,172.72. You may also want to account for capital gains tax, which would take your real return down to around $44,115,147 for most people.

Original Amount | Final Amount | Change | |
---|---|---|---|

Nominal |
$38,000 | $1,113,059,387.44 | 2,929,003.65% |

RealInflation Adjusted |
$38,000 | $51,938,172.72 | 136,579.40% |

Information displayed above may differ slightly from other S&P 500 calculators. Minor discrepancies can occur because we use the latest CPI data for inflation, annualized inflation numbers for previous years, and we compute S&P price and dividends from January of 1917 to latest available data for 2021 using average monthly close price.

For more details on the S&P 500 between 1917 and 2021, see the stock market returns calculator.

Politics and news often influence economic performance. Here's what was happening at the time:

- The Russian "February Revolution" begins alongside protests celebrating Women's Day and St Petersburg riots.
- Tsar Nicholas II abdicates, nominating his brother, Grand Duke Michael, to succeed him.
- President Wilson asks US Congress to declare war against Germany.
- Vladimir Lenin issues the "April Theses" appealing for Soviets to take power during Russian Revolution.
- Leon Trotsky becomes chairman of the Petrograd Soviet after the Bolsheviks gain control.

Raw data for these calculations comes from the Bureau of Labor Statistics' Consumer Price Index (CPI), established in 1913. Inflation data from 1665 to 1912 is sourced from a historical study conducted by political science professor Robert Sahr at Oregon State University.

You may use the following MLA citation for this page: “$38,000 in 1917 → 2021 | Inflation Calculator.” Official Inflation Data, Alioth Finance, 20 Oct. 2021, https://www.officialdata.org/us/inflation/1917?amount=38000.

Special thanks to QuickChart for their chart image API, which is used for chart downloads.

in2013dollars.com is a reference website maintained by the Official Data Foundation.

Cumulative price change | 2,043.05% |

Average inflation rate | 2.99% |

Converted amount ($38,000 base) | $814,357.81 |

Price difference ($38,000 base) | $776,357.81 |

CPI in 1917 | 12.800 |

CPI in 2021 | 274.310 |

Inflation in 1917 | 17.43% |

Inflation in 2021 | 5.39% |

$38,000 in 1917 | $814,357.81 in 2021 |