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What $1 Million Bought You 11 Years Ago

GOBankingRates Logo By Elyssa Kirkham of GOBankingRates | Slide 1 of 10: The cumulative rate of inflation since 2004 is 26.3 percent, which means $1 million dollars in 2004 would have the buying power of $1.26 million in today's dollars.But home prices aren't calculated so simply. In addition to inflation, various local factors can affect an area's housing market, sometimes resulting in home price increases that outpace inflation. In states that saw the biggest price jumps over the past decade, a home might cost more than double today what a buyer would have paid in 2004.To demonstrate this change, GOBankingRates looked at housing prices per square foot in states that have seen huge increases in the past 10 years, according to historical data from Zillow. See how much house $1 million buys you today in these 10 states versus what it would have bought in 2004.Read: 11 Up-And-Coming U.S. Housing Markets

The cumulative rate of inflation since 2004 is 26.3 percent, which means $1 million dollars in 2004 would have the buying power of $1.26 million in today's dollars.

But home prices aren't calculated so simply. In addition to inflation, various local factors can affect an area's housing market, sometimes resulting in home price increases that outpace inflation. In states that saw the biggest price jumps over the past decade, a home might cost more than double today what a buyer would have paid in 2004.

To demonstrate this change, GOBankingRates looked at housing prices per square foot in states that have seen huge increases in the past 10 years, according to historical data from Zillow. See how much house $1 million buys you today in these 10 states versus what it would have bought in 2004.

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