Ok I just changed out my 38 year old water heater. Paid $220 in 1984 Replacement was $400. So it looks like the cost almost doubled but then change the 84 cost adjusted for inflation to today's dollars it cost $608.77.

So did I pay almost double or 33% less. LOL Answer is kinda both.

Mike

Everything's tripled, more or less...partly because the Dollar is so much weaker, and partly because it's a completely different world.
Some stuff is 10x the '84 price.
That's part marketing, part regulatory, part fashion, part aging out of the hands-on workforce, part globalization.

Heck, I bought a running & driving rust-free Hemi 4-speed Road Runner around then for $4000 and drove it 500 miles home.
Sure, it was tired, non-#s and needed restoration, but what would that cost now ?

You paid about 34% less.

The mere fact you got 38 years out of a hot water heater puts you light years ahead in savings.....most are lucky to get 7-10 years out of a unit

I guess the big question would be: Was your income adjusted for inflation at the same rate the water heater was adjusted for inflation? If your wages haven't kept up with the same government numbers you are adjusting the water heater cost with, your not getting an accurate picture.

I can almost promise most of the wages haven't kept up with inflation over the last year.

Is a house bought for $38,500 in year 1953
equally priced at $1,300,000 for much the same house today?

House is very much the same except for central AC in 1969 and Hurricane windows installed for $26,000 in year 2009.

Price of gold was $36 per Troy ounce in 1953 (and in 1970)
Price of silver was $3 Troy ounce in 1953

Cost of a 8 oz Coke from a vending machine was 5 cents in 1953

There is an economist in England who wrote a serious paper claiming that
he examined many “common” items over many years
and found that the changing retail price of a
Mars Milky Way candy bar,
( called a Mars Red Label candy bar in England)
was a better way to adjust for inflation than government indexes, gold, silver, loaves of bread, etc

Mars is a private USA capitalist company that has been considered efficient and highly competitive over a long span of years.

I do not know of a list of Mars Milky Way prices and candy bar weights by year, though,
but it cost 10 cents in year 1925.

https://www.snackhistory.com/milky-way-candy/

but had gone down to 5 cents in 1954

https://www.tias.com/vintage-ad-1954-mars-milky-way-332931.html

I for 1 am very lucky. I made $10 an hour in 1984 And when I retired in 2012 was making $45. $10 converted to 2022 dollars is only $27.80.