Markets
US Home Prices in Gold
Housing "affordability" is a hot debate. But when you price homes in gold—not depreciating dollars—the real story emerges.
Median US home costs
84
oz of gold
Home: $420,000 · Gold: $4,987/oz
625 oz
Cost in 1971
108 oz
Cheapest (2012)
+-22%
More expensive vs 2012
US Median Home in Gold — 45-Year History
US median home price in gold ounces, 1980–2026. Approximate values based on US Census / NAR data.
The Hidden Affordability Crisis
In 1971, when Nixon ended the gold standard, a median US home cost 625 oz of gold. At the 2012 gold peak, it hit a historic low of just 108 oz. Today that same home costs 84 oz — -22% more in gold terms than the cheapest point.
In dollar terms, homes look expensive but "normal". In gold terms, the affordability crisis is undeniable.
Median US Home — Ounces of Gold Required
1971
Nixon shock — gold standard ends
625 oz
$25k / Au $40
1975
Post-oil shock
244 oz
$39k / Au $161
1980
Gold peak / high rates
109 oz
$65k / Au $594
1985
Volcker disinflation
253 oz
$83k / Au $327
1990
S&L crisis
321 oz
$123k / Au $383
1995
Mid-90s stability
353 oz
$136k / Au $385
2000
Pre-bubble
606 oz
$169k / Au $279
2006
Housing peak (USD)
390 oz
$248k / Au $636
2009
Housing crash
223 oz
$217k / Au $972
2012
Gold peak / housing trough
108 oz 🏆
$181k / Au $1669
2016
Recovery
202 oz
$233k / Au $1151
2019
Pre-COVID
211 oz
$313k / Au $1481
2021
COVID surge
227 oz
$408k / Au $1799
2023
Rate spike era
222 oz
$431k / Au $1941
2024
Recent
183 oz
$421k / Au $2300
Now
~2026
84 oz
$420k / Au $4,987
The Nixon Shock Changed Everything
On August 15, 1971, President Nixon ended the US dollar's convertibility to gold. This allowed the Federal Reserve to create dollars without limit — and they have, dramatically. The M2 money supply has grown from ~$700 billion in 1971 to over $21 trillion today.
When money supply grows faster than housing supply, homes get more expensive — especially in dollar terms. Gold, by contrast, tracks total wealth more honestly because its supply grows by only ~1-2% per year through mining. Pricing homes in gold reveals the true affordability picture.
💡 The Gold Benchmark
Many economists and gold advocates argue that when housing costs under 100 oz of gold, real estate is undervalued relative to gold. Today at 84 oz, homes remain historically expensive in gold terms — suggesting either housing is overvalued, gold is undervalued, or both.
Stop measuring wealth in dollars.
The dollar loses value every year. Gold doesn't.
🪙 Explore Prices in Gold →