The Tax Foundation just released new research that shows how much $100 is worth in each state. When accounting for living expenses, purchasing power, and taxes, the organization found that your money’s value varies greatly from state to state. In fact, if you have that money in Mississippi, it’s equal to about $115.74, when compared to the national average. Or, if you live in D.C., that only equals $84.60!
How does your state compare?
Very interesting how some of the more “popular” places to live such as CA, NY and DC don’t let your money go as far. Thanks for the share.
My in-laws live in Arkansas and my mother-in-law is always looking for studies to show how awesome it is there. Will have to send it over!
New York State here. I’ve seen homes on House Hunters in other states that are worth 5 times what ours is, and the taxes are half as much. My sister keeps telling us to move to Kansas because the cost of living is so much lower. Worth considering …
Kat, the Midwest is definitely inexpensive when compared to more coastal states. The state taxes in those locations are also more expensive, usually. If you can find work, I’ve heard that Des Moines, Iowa is one of the lowest cost/highest value cities in America! 🙂
Of course most jobs in Kansas pay $7 an hour so it stands to reason
oops, forgot to say that’s where she lives, so she knows …
Here’s one that breaks it down by Metropolitan areas. It might help to explain why the levels are where they are for an average over each whole state. Tolls, taxes, real estate prices, distance from distribution hubs for instance can factor in to what businesses charge for the same goods from place to place.
This makes more sense to me than comparing each whole state, as there is a large variance within several states, as this indicates:
http://taxfoundation.org/blog/real-value-100-metropolitan-areas
Not surprised that MA is on the less valuable end of the spectrum. I’ve done a spectacular job of living in some of the most expensive cities in the country–Washington, DC; New York, NY; and Boston, MA. Oh well, at least we’ve enjoyed it :)!
Really interesting, would love to see a comparative to Canada on a map, though I realize there are differences in taxes that would make the comparison somewhat misleading… apples to oranges.
DD,
That would be great! Perhaps another version of this could account for the exchange rate, too? Unfortunately, The Tax Foundation is unlikely to do this because of their moneyed interests in the United States.
Sam
We need to move back to our families in the South! We’d be so much better off!
I’m glad I moved from CA to TN! Even though the food is more expensive here than back in the Golden State, not having income tax more than makes up the difference.
I made the move from NY to NC earlier this year and it’s so much more affordable. NY housing is a joke, and taxes are insane. My parents retired to SC and absolutely love it. They would have never been able to retire in NY, sadly.
I just saw this on a news article online and am not surprised that Illinois is on the higher end of living. I just moved from Missouri and have definitely noticed a price difference.