Loading ...That’s a great historical economics question — let’s work through it step by step.
Step 1: Average U.S. house price in 1968
According to U.S. Census and Federal Reserve data, the median home price in 1968 was approximately $24,700.
Step 2: Gold price in 1968
In 1968, gold was still under the Bretton Woods system, which pegged the official price of gold at $35 per troy ounce.
Step 3: Calculate ounces of gold needed
Ounces of gold=House priceGold price per ounce=24,70035≈706 ounces\text{Ounces of gold} = \frac{\text{House price}}{\text{Gold price per ounce}} = \frac{24,700}{35} \approx 706 \text{ ounces}
Answer:
It took roughly 706 ounces of gold to buy an average U.S. house in 1968.
Bonus perspective:
If you bought that house in gold instead of dollars:
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Today (2025), gold is roughly around $2,400/oz (this fluctuates).
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The same 706 ounces of gold would now be worth about $1.7 million, while the median U.S. home price in 2025 is around $400,000–$450,000.
So, in gold terms, houses have become much cheaper over time.