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Originally Posted On: https://www.empower.com/the-currency/money/what-can-you-buy-dollar

What can you buy for $1 in 2024?

How far can you stretch a dollar? Over 6 in 10 Americans feel their ‘purchasing power’ in relation to prices is decreasing – and their money doesn’t go as far as it used to (82%), according to Empower research.

75% of shoppers report that the higher prices go, the less they’re getting in return – be it in quality or quantity.

Here’s a look at what you can get for a single buck today and how Americans’ purchasing power has changed over the past two decades.

A dollar short

Over time, inflation reduces the purchasing power of a dollar. Remember when $1 could buy you a movie ticket ($0.86 in 1963), 6 chocolate bars ($0.90 in 1973), a dozen eggs ($0.97 in 1981) or one share of Apple stock ($0.94 in 2004)?1

The value of $1 across key spending categories

Source: Bureau of Labor Statistics, Consumer Price Index, June 2024. Seasonally adjusted figures (where available).2

According to U.S. Bureau of Labor Statistics, $1 in 2004 had the same “purchasing power” as $1.94 in 2024 when paying for utilities. Americans can also see inflation’s impact across food and gasoline purchases, among others – they’d need to pay $1.87 now to get the same amount of gas as $1 got them in 2004, and $1.76 to buy the same amount of food.

There are some bright spots though: Despite inflation and high prices in recent years, the average cost of recreational books and music is comparatively cheaper versus 20 years ago. Apparel has seen only a modest increase over the past 2 decades, though Empower data shows Americans’ monthly spending on clothing and footwear has increased 72% since before the pandemic.

Bang for your buck

Prices have increased across a broad range of categories, so what can you buy with a dollar today?

At the store

With $1 you could buy…

• 6 bananas: 1 pound, 11 oz of bananas ($0.60 per pound)*3
• 2 oranges: 11 oz of oranges ($1.50 per pound)*3
• 7 carrots: 1 pound of carrots ($0.98 per pound)*3
• 1 confetti or chocolate cake mix ($0.98)4
• 10 coffees at home: 12oz cups of coffee brewed in your kitchen ($6.08 per pound, 45g coffee per cup)5
• 1 stamp: First class letter stamp ($0.73)6
• 1 can of dog or cat food ($0.99)7
• A range of dollar store products including cleaning items, cards, stationery, and more.

*Based on average weight of medium-sized fruits and vegetables.8

Average grocery prices are up 21% since the start of 2020, and rose 1.1% from 12 months ago, according to the Consumer Price Index (CPI).9 Many Americans are feeling the squeeze – 27% say they’ve hit their pricing limit and would sooner cut an item from their shopping list than pay more for it, according to Empower findings. Similarly, 1 in 5 Gen Zers will forgo fruit and vegetables if prices rise by a dollar.

The coveted cup of joe has greater staying power though: Two thirds of Millennials (62%) are willing to spend on a daily coffee because of the joy it brings, despite prices having risen 19% in the past three years.

News and entertainment

With $1 you could buy…

• 1 eBook for Amazon Kindle ($0.99)10
• 1 week digital news subscription (The New York Times at $4 per month for the first 6 months; The Washington Post at $4 per month for first year)11,12

The rise of e-commerce and digital news has changed how readers get reading – and the price they pay. Americans wanting to stay up to date on the latest news pay $1.41 today for the same purchasing power a dollar represented in 2004.

Transportation

With $1 you could buy…

• Enough gas to drive around 7.5 miles ($3.44 per gallon)*13
• A one-way MegaBus fare ($1)14
• 1 hour of metered parking in select cities

*Based on 25 miles per gallon average for a mid-sized vehicle.15

Getting from A to B can be costly. Today’s prices won’t cover half the average daily commute, but you could count on a dollar for the same round trip in 2004 when gas was just $1.88 per gallon.16,17

A lucky few (who book early enough) can take advantage of MegaBus’ $1 fare deal, though the average fare in major cities is $1.79 for a one-way ticket; in NYC it’s $2.90.18,19

Utilities

With $1 you could buy…

• 139 hours – or almost 6 days – of light ($0.18 per kWh)*20
• 150 gallons of water – enough for 9 showers or 5 baths ($0.00664 per gallon)21

*Based on a 40-watt bulb using 0.04 kWh.22

** Based on the average shower using 17 gallons of water and the average bath using 30 gallons of water.23

While $1 could get you almost 6 days of light, you might want to remember to turn off the lights when you leave: The average U.S. electric bill over the June-through-September period is projected to be $719, a nearly 8% increase year over year and the highest average in 10 years.24

Throwing it back to 2004

Do you remember when $1 could buy…

• 1 song on iTunes ($0.99) or a ringtone ($0.60)?25,26 Today music lovers pay $10.99 a month for Apple Music; though with the average person streaming 20.1 hours of music a week, one song now costs a fraction of the price.27,28
• 1 share of Apple ($0.94)?29 Today 1 share of the tech giant costs over $217.30 $10,000 invested in the iPhone maker 20 years ago would’ve made you a multimillionaire.31
• 2 Hershey’s chocolate bars ($0.55)?32 Today the same 1.55oz bar will ring up to $1.32.33 Empower research shows 54% of Americans say that chocolate costs more but doesn’t taste as good.
• 1 2-liter bottle of soda ($1.10)?34 Today you can quench your thirst with the same kick of carbonation, but it’ll cost you more than double at $2.74.33
• 1lb of white bread ($0.97)?34 Today white bread comes in at $2 per pound.34 Gen Xers are almost ready to cut the carbs: 1 in 5 say they’ll stop buying loaves of bread if the price increases by more than a buck.

A buck might not go as far as it used to, but there are bargains to be found if you’re willing to look for them.

Many Americans are doing what they can to stretch their dollars: In the last year, 53% of shoppers switched to a generic brand, 34% downloaded a store’s app for rewards/coupons, and 21% purchased a store membership to get benefits like free shipping.