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.
10. West Virginia
The average cost per square foot in West Virginia rose from $34 in 2004 to $71 in 2015, meaning the average home price in this state more than doubled in the past 10 years.
For $1 million, a home buyer could get a whopping 29,400 square feet in 2004 — just a few thousand square feet less than the largest homes on the market in 2014, according to Curbed.com — and that's just for the square feet of the home without factoring in the rest of the property. Today, $1 million would buy a still giant 14,100 square feet in West Virginia, which is about the size of Tom Brady and Gisele Bundchen's Boston mansion.
Despite this big jump in price, West Virginia's average cost per square foot of around $70 makes it one of the cheaper states on this list.
Florida's home prices increased at about the same rate as those in West Virginia, rising about from $58 per square foot in 2004 to $120 in 2015.
Buying a $1 million worth of square feet in 2004 would have equaled around 17,300 square feet — a mansion of that size in Brooklyn has 15 bedrooms and 16 bathrooms, according to The Wall Street Journal.
At today's prices, however, $1 million would get 8,300 square feet, a home that could have upward of five bedrooms. A Florida home of the same size would have cost around $480,000 in 2004.
Colorado was another state that saw a big jump in home prices from 2004 to 2015, from $81 to $170 per square foot, which is an increase of 110 percent.
In 2004, $1 million could buy 12,300 square feet, a home big enough to have six bedrooms or more, plus several other specialized spaces like a billiards room, game room and exercise room.
Today, that same budget would buy 5,870 square feet, which would likely have around three to five bedrooms but fewer extra rooms for entertaining. That same square footage in 2004 would have cost around $475,470.
Oklahoma residents saw a steep jump in home prices from 2004 to 2015 when they shot up 111 percent from $41 to $85 per square foot.
Where $1 million would have bought 25,000 square feet in 2004, which is about the size of Will Smith's mansion in Calabasas, Calif., according to real estate blog Movoto.
In 2015, $1 million buys much less Oklahoma real estate — just 11,700 square feet. Still, an 11,700-square-foot mansion is more than five times the median single-family home size of 2,196 square feet, according to Census Bureau data.
Prices in Minnesota are similar to those in Colorado, starting at $77 per square foot in 2004 and increasing by 113 percent to an average price of $165 per square foot today.
A budget of $1 million would have bought a Minnesota home of around 12,900 feet in 2004, about the size of soccer superstar David Beckham's mansion in Beverly Hills, Calif. Today, $1 million would buy just over 6,000 square feet in Minnesota.
5. New Hampshire
In New Hampshire in 2004, a home buyer could get a sprawling 16,250 square feet on a budget of $1 million. But home prices inflated quickly in this state, increasing 120 percent from 2004 to 2015, and today, $1 million buys significantly less home.
For $1 million, a buyer could get about 7,400 square feet in 2015. That square footage would have carried a price tag of just $450,000 in 2004.
Residents of Massachusetts are probably not surprised to see their state on this list — the 122 percent jump in home prices in the past decade would be hard to miss.
With a budget of $1 million, you could buy around 5,100 square feet today. A home of that size would have cost just $450,000 in 2004 dollars, however. A million dollars spent in 2004, could have bought a practically palatial 11,300 square feet, which is about the size of a Pacific Palisades, Calif., mansion owned by Rihanna, according to New York Daily News.
The jump in Virginia housing prices has been huge, going from $69 per square foot in 2004 to $162 per square foot in 2015, a difference of 133 percent. A $1 million budget could have bought 14,428 square feet in 2004.
Today, $1 million would still buy plenty of home — a roomy 6,200 square feet. In 2004, however, that amount of square footage would have cost just $427,000.
With some of the most in-demand locales in the nation, it's no surprise that Hawaii saw a boom in housing prices, which jumped 135 percent over the past decade, similar to the increase Virginia residents saw during the same period.
Of course, Hawaiian housing prices started much higher, averaging $176 per square foot in 2004. Today that average price has shot up to $414 per square foot.
With a $1 million budget, you could get about 5,700 square feet of luxury space on one of these Pacific islands in 2004. That square footage drops to around 2,400 when spending $1 million today, which is about the size of a typical four-bedroom home.
For the money you'd spend on a home in California today, you could get 2.5 times the square footage in 2004. In fact, California home prices have grown at nearly six times the rate of inflation.
In 2004, California housing costs were averaging around $103 per square foot. By 2015, they were averaging $261 per square foot.
With a budget of $1 million, you could have bought around 9,800 square feet in 2004, which is just slightly bigger than Ryan Seacrest's 9,200-square-foot mansion, according to Movoto. Today, $1 million can buy around 3,800 square feet — less in the most desirable parts of the state.
Methodology: GOBankingRates used data from Zillow that estimated the average price per square foot in states across two periods: 1996 to 2004 and 2005 to 2015. This study is not a comprehensive survey of housing prices as full pricing data was not available for each state. This study is a representative comparison of prices in the aforementioned periods.