Post by PamIsMe on Aug 20, 2014 13:27:53 GMT -6
Money has never been created equal. Americans who travel abroad to places such as Mexico and Japan undoubtedly revel in the power of the dollar ($1 = approximately 13 pesos, 103 yen), and it's no secret that the euro has quickly darted ahead of U.S. currency.
But how do the bucks stack up in our own country? America's 50 states are uniquely diverse with staggeringly different standards of living, meaning that a dollar can go a lot further in some states over others. For instance, if you have an annual salary of $35K while living and working in Mississippi, you would need to make $46.7K to maintain your purchasing power if you moved to New York.
For the first time ever, the federal government has released an analysis of these price differences among states, and on Monday, the Tax Foundation used the data to create a map exposing the real value of $100 in each state.
The non-profit explained the numbers in a blog post:
"For example, Tennessee is a low-price state, where $100 will buy what would cost $110.25 in another state that is closer to the national average. You can think of this as meaning that Tennesseans are about ten percent richer than their nominal income suggests."
The states where $100 is worth the least were Hawaii, New York, New Jersey and California with the District of Columbia actually surpassing all four. In D.C., $100 is only worth $84.60. Money goes furthest in Mississippi where $100 is equal to $115.17. Arkansas offers the next biggest bang for your buck, followed by Missouri, Alabama and South Dakota.
Click through our slideshow above to see how your state stacks up against $100.
State by state view
But how do the bucks stack up in our own country? America's 50 states are uniquely diverse with staggeringly different standards of living, meaning that a dollar can go a lot further in some states over others. For instance, if you have an annual salary of $35K while living and working in Mississippi, you would need to make $46.7K to maintain your purchasing power if you moved to New York.
For the first time ever, the federal government has released an analysis of these price differences among states, and on Monday, the Tax Foundation used the data to create a map exposing the real value of $100 in each state.
The non-profit explained the numbers in a blog post:
"For example, Tennessee is a low-price state, where $100 will buy what would cost $110.25 in another state that is closer to the national average. You can think of this as meaning that Tennesseans are about ten percent richer than their nominal income suggests."
The states where $100 is worth the least were Hawaii, New York, New Jersey and California with the District of Columbia actually surpassing all four. In D.C., $100 is only worth $84.60. Money goes furthest in Mississippi where $100 is equal to $115.17. Arkansas offers the next biggest bang for your buck, followed by Missouri, Alabama and South Dakota.
Click through our slideshow above to see how your state stacks up against $100.
State by state view
