If you are looking for the least wallet-friendly place. According to new research from the Tax Foundation, which is based on information collected by the Bureau of Economic Analysis, $100 in Washington, D.C. is “worth” $15.04 less than it is in the average state. While $100 is worth $84.96 in the nation’s capital, states in the South are a little better off. These numbers are in the context of purchasing power when it comes to goods and services.
SOUTHERN STATES ARE A LITTLE HIGHER THAN THE NORTH AND MIDWEST
In Mississippi, $100 is worth $115.21, which is the highest in comparison to anywhere else in the United States, making it the best state to spend your money. In Arkansas, $100 is worth $114.29 and in Alabama it is $114.03. Georgia is closely behind at $108.81, Louisiana is at $109.65, and North Carolina is at $109.05. All of these states are considerably higher than the national average.
THE NORTH IS A LITTLE bit below THE NATIONAL AVERAGE
In the Northern states of the country, the amount of bang you get for your buck is much lower than in the Southern ones. A hundred dollar bill is worth $86.73 in New York State. In Maine, $100 can get you $102.35 worth of products, making it one of the best states in terms of purchasing power in the Northern United States. The numbers used in this article are to represent the value of goods that $100 can buy in each state compared to the national average.
THE MIDWEST IS CLOSE BEHIND THE SOUTH
California is at $89.05, Nevada $101.83, Colorado is at $97.85 and Idaho at $107.76. A few values for other midwest states are as follows: Wyoming is at $104.38, Oregon is a little above the national average at $101.32, Utah is around $102.88, New Mexico is at $105.26, and Montana is at $105.93.
WHERE DO THESE NUMBERS COME FROM AND WHAT DO THEY MEAN?
The Bureau of Economic Analysis has developed these statistics using information from the Personal Consumption Expenditure and American Community. The data was estimated to average price levels in each state for household consumption, including rental housing costs. This data is accurate as of July 1st, 2015.
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