The Value of a Dollar in Every State
May 16, 2018 by Mike SauterWhile a dollar bill looks and feels the same all over the United States, its value is often very different depending on where it is spent.
The prices of housing, food, and services vary considerably across the country. To shed light on these differences that reflect the relative purchasing power of Americans in every state, 24/7 Wall St. calculated the value of a dollar in each using data from the Bureau of Economic Analysis.
The value of a dollar, of course, is higher in places where goods and services are less expensive. For the most part, the areas with a low cost of living are in the South. By contrast, the most expensive states — where the dollar is worth the least — are home to some of the nation’s largest urban clusters.
Much of the differences between the states’ cost of living result from divergences in housing costs. For example, with Hawaii’s relatively high housing prices, a dollar spent on rent there is worth only 61 cents. A dollar spent on rent in Arkansas, on the other hand, delivers essentially $1.58 in value.
States with large shares of residents living in expensive housing within urban areas account for the vast majority of the states where a dollar is worth the least. A dollar is generally worth much more in states, particularly in the South, where a smaller share of residents live in cities.
Click here to see the value of a dollar in every state.
Click here to see our detailed findings and methodology.
1. Alabama
> Value of a dollar: $1.15
> Personal income: $40,267 (12th lowest)
> Cost of living adjusted income: $46,055 (12th lowest)
> Median home value: $136,200 (7th highest)
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2. Alaska
> Value of a dollar: $0.95
> Personal income: $48,973 (7th highest)
> Cost of living adjusted income: $53,070 (13th highest)
> Median home value: $267,800 (11th lowest)
3. Arizona
> Value of a dollar: $1.04
> Personal income: $37,694 (6th lowest)
> Cost of living adjusted income: $43,278 (4th lowest)
> Median home value: $205,900 (22nd lowest)
4. Arkansas
> Value of a dollar: $1.14
> Personal income: $40,858 (14th lowest)
> Cost of living adjusted income: $46,672 (14th lowest)
> Median home value: $123,300 (3rd highest)
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5. California
> Value of a dollar: $0.88
> Personal income: $44,173 (25th highest)
> Cost of living adjusted income: $51,386 (21st highest)
> Median home value: $477,500 (2nd lowest)
6. Colorado
> Value of a dollar: $0.97
> Personal income: $46,016 (20th highest)
> Cost of living adjusted income: $51,845 (19th highest)
> Median home value: $314,200 (5th lowest)
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7. Connecticut
> Value of a dollar: $0.92
> Personal income: $57,520 (the highest)
> Cost of living adjusted income: $64,509 (the highest)
> Median home value: $274,600 (10th lowest)
8. Delaware
> Value of a dollar: $1.00
> Personal income: $42,917 (22nd lowest)
> Cost of living adjusted income: $48,929 (25th lowest)
> Median home value: $243,400 (16th lowest)
9. Florida
> Value of a dollar: $1.01
> Personal income: $41,781 (18th lowest)
> Cost of living adjusted income: $47,093 (17th lowest)
> Median home value: $197,700 (23rd lowest)
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10. Georgia
> Value of a dollar: $1.08
> Personal income: $40,540 (13th lowest)
> Cost of living adjusted income: $46,728 (15th lowest)
> Median home value: $166,800 (20th highest)
11. Hawaii
> Value of a dollar: $0.84
> Personal income: $37,634 (5th lowest)
> Cost of living adjusted income: $43,720 (7th lowest)
> Median home value: $592,000 (the lowest)
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12. Idaho
> Value of a dollar: $1.07
> Personal income: $38,074 (7th lowest)
> Cost of living adjusted income: $43,369 (6th lowest)
> Median home value: $189,400 (24th lowest)
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13. Illinois
> Value of a dollar: $1.00
> Personal income: $46,657 (13th highest)
> Cost of living adjusted income: $52,967 (14th highest)
> Median home value: $186,500 (25th lowest)
14. Indiana
> Value of a dollar: $1.10
> Personal income: $42,197 (20th lowest)
> Cost of living adjusted income: $48,693 (23rd lowest)
> Median home value: $134,800 (5th highest)
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15. Iowa
> Value of a dollar: $1.11
> Personal income: $46,359 (17th highest)
> Cost of living adjusted income: $50,937 (23rd highest)
> Median home value: $142,300 (9th highest)
16. Kansas
> Value of a dollar: $1.11
> Personal income: $47,547 (10th highest)
> Cost of living adjusted income: $52,658 (17th highest)
> Median home value: $144,900 (10th highest)
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17. Kentucky
> Value of a dollar: $1.13
> Personal income: $39,743 (9th lowest)
> Cost of living adjusted income: $44,462 (8th lowest)
> Median home value: $135,600 (6th highest)
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18. Louisiana
> Value of a dollar: $1.10
> Personal income: $43,277 (23rd lowest)
> Cost of living adjusted income: $48,003 (19th lowest)
> Median home value: $158,000 (16th highest)
19. Maine
> Value of a dollar: $1.02
> Personal income: $39,998 (10th lowest)
> Cost of living adjusted income: $45,992 (11th lowest)
> Median home value: $184,700 (25th highest)
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20. Maryland
> Value of a dollar: $0.91
> Personal income: $46,969 (12th highest)
> Cost of living adjusted income: $54,310 (10th highest)
> Median home value: $306,900 (6th lowest)
21. Massachusetts
> Value of a dollar: $0.94
> Personal income: $53,782 (3rd highest)
> Cost of living adjusted income: $61,637 (2nd highest)
> Median home value: $366,900 (3rd lowest)
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22. Michigan
> Value of a dollar: $1.07
> Personal income: $42,173 (19th lowest)
> Cost of living adjusted income: $48,401 (21st lowest)
> Median home value: $147,100 (11th highest)
23. Minnesota
> Value of a dollar: $1.03
> Personal income: $48,052 (9th highest)
> Cost of living adjusted income: $54,459 (9th highest)
> Median home value: $211,800 (20th lowest)
24. Mississippi
> Value of a dollar: $1.16
> Personal income: $36,889 (2nd lowest)
> Cost of living adjusted income: $42,165 (2nd lowest)
> Median home value: $113,900 (the highest)
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25. Missouri
> Value of a dollar: $1.12
> Personal income: $43,444 (24th lowest)
> Cost of living adjusted income: $48,892 (24th lowest)
> Median home value: $151,400 (13th highest)
26. Montana
> Value of a dollar: $1.05
> Personal income: $40,985 (16th lowest)
> Cost of living adjusted income: $46,315 (13th lowest)
> Median home value: $217,200 (19th lowest)
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27. Nebraska
> Value of a dollar: $1.10
> Personal income: $50,054 (5th highest)
> Cost of living adjusted income: $55,624 (5th highest)
> Median home value: $148,100 (12th highest)
28. Nevada
> Value of a dollar: $1.02
> Personal income: $40,242 (11th lowest)
> Cost of living adjusted income: $45,537 (10th lowest)
> Median home value: $239,500 (17th lowest)
29. New Hampshire
> Value of a dollar: $0.95
> Personal income: $47,530 (11th highest)
> Cost of living adjusted income: $54,832 (7th highest)
> Median home value: $251,100 (13th lowest)
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30. New Jersey
> Value of a dollar: $0.88
> Personal income: $48,590 (8th highest)
> Cost of living adjusted income: $55,162 (6th highest)
> Median home value: $328,200 (4th lowest)
31. New Mexico
> Value of a dollar: $1.06
> Personal income: $36,814 (the lowest)
> Cost of living adjusted income: $41,338 (the lowest)
> Median home value: $167,500 (21st highest)
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32. New York
> Value of a dollar: $0.87
> Personal income: $46,445 (16th highest)
> Cost of living adjusted income: $52,898 (16th highest)
> Median home value: $302,400 (8th lowest)
33. North Carolina
> Value of a dollar: $1.10
> Personal income: $41,532 (17th lowest)
> Cost of living adjusted income: $47,481 (18th lowest)
> Median home value: $165,400 (19th highest)
34. North Dakota
> Value of a dollar: $1.08
> Personal income: $54,997 (2nd highest)
> Cost of living adjusted income: $59,202 (3rd highest)
> Median home value: $184,100 (24th highest)
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35. Ohio
> Value of a dollar: $1.12
> Personal income: $44,943 (22nd highest)
> Cost of living adjusted income: $51,138 (22nd highest)
> Median home value: $140,100 (8th highest)
36. Oklahoma
> Value of a dollar: $1.11
> Personal income: $44,757 (23rd highest)
> Cost of living adjusted income: $48,330 (20th lowest)
> Median home value: $132,200 (4th highest)
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37. Oregon
> Value of a dollar: $1.01
> Personal income: $40,881 (15th lowest)
> Cost of living adjusted income: $46,735 (16th lowest)
> Median home value: $287,100 (9th lowest)
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38. Pennsylvania
> Value of a dollar: $1.02
> Personal income: $46,537 (15th highest)
> Cost of living adjusted income: $53,213 (12th highest)
> Median home value: $174,100 (23rd highest)
39. Rhode Island
> Value of a dollar: $1.01
> Personal income: $46,119 (19th highest)
> Cost of living adjusted income: $52,181 (18th highest)
> Median home value: $247,700 (15th lowest)
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40. South Carolina
> Value of a dollar: $1.11
> Personal income: $39,308 (8th lowest)
> Cost of living adjusted income: $44,763 (9th lowest)
> Median home value: $153,900 (14th highest)
41. South Dakota
> Value of a dollar: $1.13
> Personal income: $49,463 (6th highest)
> Cost of living adjusted income: $54,740 (8th highest)
> Median home value: $160,700 (17th highest)
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42. Tennessee
> Value of a dollar: $1.11
> Personal income: $42,902 (21st lowest)
> Cost of living adjusted income: $49,239 (25th highest)
> Median home value: $157,700 (15th highest)
43. Texas
> Value of a dollar: $1.03
> Personal income: $44,269 (24th highest)
> Cost of living adjusted income: $48,494 (22nd lowest)
> Median home value: $161,500 (18th highest)
44. Utah
> Value of a dollar: $1.03
> Personal income: $37,435 (3rd lowest)
> Cost of living adjusted income: $43,343 (5th lowest)
> Median home value: $250,300 (14th lowest)
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45. Vermont
> Value of a dollar: $0.98
> Personal income: $44,019 (25th lowest)
> Cost of living adjusted income: $50,309 (24th highest)
> Median home value: $223,700 (18th lowest)
46. Virginia
> Value of a dollar: $0.98
> Personal income: $46,582 (14th highest)
> Cost of living adjusted income: $52,921 (15th highest)
> Median home value: $264,000 (12th lowest)
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47. Washington
> Value of a dollar: $0.95
> Personal income: $46,330 (18th highest)
> Cost of living adjusted income: $53,705 (11th highest)
> Median home value: $306,400 (7th lowest)
48. West Virginia
> Value of a dollar: $1.12
> Personal income: $37,622 (4th lowest)
> Cost of living adjusted income: $42,659 (3rd lowest)
> Median home value: $117,900 (2nd highest)
49. Wisconsin
> Value of a dollar: $1.07
> Personal income: $45,151 (21st highest)
> Cost of living adjusted income: $51,396 (20th highest)
> Median home value: $173,200 (22nd highest)
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50. Wyoming
> Value of a dollar: $1.04
> Personal income: $53,512 (4th highest)
> Cost of living adjusted income: $58,965 (4th highest)
> Median home value: $209,500 (21st lowest)
Detailed findings and methodology:
Much of the differences between the states’ cost of living result from divergences in housing costs. For example, with Hawaii’s relatively high housing prices, a dollar spent on rent there is worth only 61 cents. A dollar spent on rent in Arkansas, on the other hand, delivers essentially $1.58 in value.
Businesses that sell consumer goods in dense urban areas often pay a higher rent than enterprises in rural locales: Some of businesses’ extra expenses are passed on to customers in the form of higher retail prices.
In states where a dollar is worth less (those with the highest cost of living), many residents have higher incomes. While residents of New Jersey state see only $0.88 in value for each dollar they spend, the annual per capita income there is also almost $20,000 higher, more than enough to offset their lower purchasing power.
Income levels diverge more than the value of the dollar among the 50 states. For this reason, in most states with high resident incomes and steep consumer prices, the people living there can generally afford to fork out more for goods and services than can their counterparts in states with cheaper prices and lower salaries.
To determine the value of a dollar in every state, 24/7 Wall St. reviewed the Bureau of Economic Analysis’ estimates for regional price parity in 2015 — the most recent year for which data is available. We calculated the value of a dollar in each state by dividing 100 (which represents the base value of $1.00) by every state’s relative price parity figure. We also reviewed the BEA’s per capita personal income data for all states in 2015. To arrive at the effective personal income value for every state, we divided the 2015 per-capita-personal income figure by the 2015 regional price parity value. Median home values came from the 2016 U.S. Census Bureau’s American Consumer Survey.
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