How Much Does $100 Get You In Each State?
July 13, 2015 Leave a comment
If you are looking to pinch your pennies and make every last cent count, this information will be valuable to you.
Where will you get the most out of your money, say $100, in the U.S.? A recent from the tax foundation sought to answer this question, and they have some interesting results.
The big highlights: Mississippi is where you get the most out of your money, where $100 can get you roughly $115.21 worth of goods and services. On the other side, the most expensive state to live in is Washington D.C., where $100 gets you only $84.96 worth of goods and services.
This study shows the huge difference in standard of livings across the country. For example, a person earning $50,000 in Mississippi would have to receive a pay raise of $18,000 per year if they wanted to move to Washington D.C. and maintain their same standard of living.
States with large metropolitan areas generally are more expensive to live in, so this drives up their prices. This is true for California and New York especially. Plus, there are the noncontiguous states of Alaska and Hawaii that are expensive to live in. This is because they rely more on trade than the continental US to get goods, nudging prices up. This is especially true for Hawaii, where anything that can’t grow or be built on the islands must be brought in by either boat or plane.
Learn more about their results in this article from Fortune.