How Much Did Things Cost in 1956?

By Staff WriterLast Updated December 06, 2023

In 1956, there was a spike in the living standards of the average American, and because of that, a 1.52 percent annual inflation rate lead to a slight increase in the cost of commodities. The average yearly American salary was $4,450. Also, one in every three American pursued an undergraduate education, leading to a rise in the country’s income.

The average cost of a new house in 1956 was $11,700, and the average monthly rent was $88.00. In terms of commodities, the average cost of a gallon of automobile gas was 22 cents. A new car costed approximately $2,050. The price of ground coffee per pound was about 85 cents.