Select the type of furniture, purchase price, and the number of years owned to determine the current value due to furniture depreciation.

Furniture Depreciation Formula

The following formula is used to calculate the total depreciation and current value of a piece of furniture. 

CV = OP - (D/100*OP*A)
  • Where CV is the current value of the furniture
  • OP is the original price of the curniture
  • D is the depreciation per year (%)
  • A is the age of the furniture in years

Furniture Depreciation Rates

The following table lists common depreciation rates for different types of furniture.

Type of Furniture Depreciation Rate Per Year (%)
Sofa7
Wood Furniture10
Light Fixtures5
Mattresses12
Wood Dressers9
Faux Wood Furniture 14

Example Problem

How to calculate furniture depreciation?

  1. First, determine the purchase price of the furniture.

    For this example, we are looking at a sofa that was purchased at $1,000.00.

  2. Next, determine the average depreciation rate per year.

    Looking at the table above, the depreciation rate for a sofa is found to be 7% per year on average.

  3. Next, determine the age of the furniture.

    This furniture has been owned for 6 years.

  4. Finally, calculate the current value of the furniture using the formula above.

    CV = OP – (D/100*OP*A)
    CV = 1000 – (7/100*1000*6)
    CV = $580.00.