We found an interesting article at Taxfoundation.org, and wanted to share it with you. In their article, “The Real Value of $100 in Each State”, they present readers with a map (shown below) that shows the value of $100 dollars by statewide average.
It is known that the average prices of similar goods varies in different states due to a number of factors like local taxes, but it can be shocking by how much it changes the worth of your money. Here are our observations:
- The coastal areas have the lowest $100 value. These areas typically have higher living costs. These are the port states. Plus, the east coast is full of financial institutions and California has advanced technology companies.
- Alaska and Hawaii are major vacation destinations full of exotic locales. But they are not easily accessible,, making their $100 worth quite low.
- In the breadbasket of America, the states from North Dakota down to Mississippi and back up to Ohio all follow a similar trend in economic worth. These states are the ones with the most $100 worth.
Take a look at the map below (note: worth may have slight variation in different cities compared to their state averages).
Mississippi has the highest value of $100 with $115.74, and Washington DC has the least value of $84.60. That is a remarkable $31.14 difference between the two.
Having this information is useful for planning your vacation, a move, a university, or your retirement destination. For example, consider this when you think about retirement; retiring in DC would give a major decrease to your money’s value than retiring in Mississippi. To get the same bang for your buck in DC as you would in Mississippi, you will need $137 or 37% more at retirement!
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