While $100 may seem like it holds the same value across the U.S., that’s far from the reality. The purchasing power of a dollar can vary significantly from state to state, influenced by factors such as the cost of food, utilities, taxes, housing, and transportation.
This map, via Visual Capitalist’s Bruno Venditti, illustrates the purchasing power of $100 by state, using data from GOBankingRates compiled as of February 19, 2024.
Methodology
GOBankingRates compiled data from the 2022 Regional Price Parities reoporting by the U.S. Bureau of Economic Affairs. It then used factors such as median household income, sourced from the 2022 American Community Survey, annual cost-of-living expenditures, sourced from the Bureau of Labor Statistics, and typical home value for a single-family residence, sourced from Zillow.
Money is Less Valuable in California
The purchasing power of $100 can vary by as much as 26% from state to state.
California has the lowest purchasing power ($87.50), while Arkansas has the highest ($113.40).
| State | Real Value of $100 |
|---|---|
| California | $88 |
| Hawaii | $89 |
| Washington | $90 |
| Massachusetts | $91 |
| New Jersey | $91 |
| New York | $92 |
| New Hampshire | $92 |
| Oregon | $93 |
| Connecticut | $94 |
| Maryland | $95 |
| Rhode Island | $95 |
| Colorado | $98 |
| Florida | $98 |
| Virginia | $98 |
| Alaska | $98 |
| Illinois | $99 |
| Vermont | $99 |
| Maine | $99 |
| Arizona | $100 |
| Delaware | $102 |
| Minnesota | $102 |
| Texas | $103 |
| Nevada | $104 |
| Pennsylvania | $104 |
| Georgia | $104 |
| Utah | $106 |
| North Carolina | $106 |
| South Carolina | $106 |
| Michigan | $107 |
| Wisconsin | $108 |
| Wyoming | $108 |
| Tennessee | $108 |
| Indiana | $108 |
| Idaho | $108 |
| Ohio | $109 |
| Missouri | $109 |
| New Mexico | $109 |
| Louisiana | $109 |
| Montana | $110 |
| Kansas | $110 |
| Nebraska | $110 |
| Kentucky | $111 |
| West Virginia | $111 |
| Oklahoma | $111 |
| North Dakota | $111 |
| Iowa | $112 |
| South Dakota | $112 |
| Alabama | $112 |
| Mississippi | $113 |
| Arkansas | $113 |
| National Average | $103 |
Among the states where money has the least purchasing power are Hawaii, Washington, and Massachusetts.
On the other hand, Iowa, North Dakota, and Oklahoma join Arkansas as states where $100 stretches further.
To see more content about money, check out this graphic that ranks the 10 best U.S. states to retire in as of 2024.
Tyler Durden
Sun, 09/08/2024 – 21:35
