June 6, 2023
In June 1923, the average annual income was $3,227. The average taxpayer paid $86.21 at a rate of 2.67% of their income. The average cost of a new house was $6,296, or about $80,000 in today’s dollars. A loaf of bread was 12¢, a gallon of milk was 60¢, butter was 70¢ a pound, steak was 40¢ a pound, and a dozen eggs were 68¢. Stamps were 2¢ each. A car cost $525 and gas was 14¢ per gallon. Boy what we wouldn’t give to have those gas prices again!