For those who know any fluid dynamics it's just hydrostatic balance...
dp/dz = - (density * acceleration due to gravity)
dz = - dp / (den * g), density of air = 1.225 g/m**3, g=9.81 m / sec squared
So change in height = change in pressure / (about 12) - a factor of about 0.83? (give or take pressure units! Pascals ---> mb)
The density of air varies quite slowly at sea level, so the factor should be pretty constant...!