Special Report

The Value of a Dollar in Every State

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Federal law stipulates that American workers must be compensated at least $7.25 per hour in any occupation, no matter where they live. While the minimum wage is intended to ensure a certain standard of living for members of the workforce, it ignores substantial variations in cost of living across the country. In some states, a dollar goes much further than in others. 

Using regional price parity, an approximation of the average price of goods and services in a certain area compared to average prices nationwide, 24/7 Wall St. calculated the value of a dollar in every state. 

Cost of living in a given area is closely tied to wages in the area. Generally, in places where incomes are higher, goods and services also cost more. For example, in New Jersey, per capita income is about $75,000, or about $15,500 more than the national average. Partially as a result, based on purchasing power, a dollar is only worth about 84 cents in the Garden State. 

It is important to note, however, that even when accounting for the reduced purchasing power of a dollar in states with the highest incomes, residents of these states still tend to have higher than average incomes. In nine of the 10 states where a dollar is worth the least, cost of living-adjusted incomes are still higher than the national average of $59,729. Here is a look at the income it takes to be considered rich in every state

For most Americans, housing costs account for a substantial share of living expenses. As a result, areas where a dollar has lower than average purchasing power, housing tends to be relatively expensive — and in areas where a dollar goes further than average, housing tends to be cheaper. Here is a look at the cost of a typical home in every state

Click here to see the value of a dollar in every state.
Click here to see our methodology.

Source: Kruck20 / Getty Images

Alabama
> Value of a dollar: $1.14 (3rd highest)
> Annual personal income: $46,908 (5th lowest)
> Cost of living-adjusted income: $53,569 (9th lowest)
> Median home value: $154,000 (6th lowest)

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Source: Chilkoot / Getty Images

Alaska
> Value of a dollar: $0.95 (9th lowest)
> Annual personal income: $64,780 (9th highest)
> Cost of living-adjusted income: $61,476 (18th highest)
> Median home value: $281,200 (15th highest)

Source: Dreamframer / Getty Images

Arizona
> Value of a dollar: $1.04 (25th lowest)
> Annual personal income: $48,950 (9th lowest)
> Cost of living-adjusted income: $50,761 (4th lowest)
> Median home value: $255,900 (18th highest)

Source: DenisTangneyJr / Getty Images

Arkansas
> Value of a dollar: $1.15 (2nd highest)
> Annual personal income: $47,109 (6th lowest)
> Cost of living-adjusted income: $54,317 (12th lowest)
> Median home value: $136,200 (3rd lowest)

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California
> Value of a dollar: $0.84 (2nd lowest)
> Annual personal income: $71,480 (5th highest)
> Cost of living-adjusted income: $59,757 (22nd highest)
> Median home value: $568,500 (2nd highest)

Source: f11photo / Getty Images

Colorado
> Value of a dollar: $0.98 (13th lowest)
> Annual personal income: $63,522 (10th highest)
> Cost of living-adjusted income: $62,315 (14th highest)
> Median home value: $394,600 (4th highest)

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Source: SeanPavonePhoto / Getty Images

Connecticut
> Value of a dollar: $0.95 (10th lowest)
> Annual personal income: $79,771 (the highest)
> Cost of living-adjusted income: $75,782 (the highest)
> Median home value: $280,700 (16th highest)

Source: DenisTangneyJr / Getty Images

Delaware
> Value of a dollar: $1.01 (17th lowest)
> Annual personal income: $56,768 (22nd highest)
> Cost of living-adjusted income: $57,109 (25th highest)
> Median home value: $261,700 (17th highest)

Source: Sean Pavone / Getty Images

Florida
> Value of a dollar: $0.99 (16th lowest)
> Annual personal income: $55,337 (25th lowest)
> Cost of living-adjusted income: $54,784 (15th lowest)
> Median home value: $245,100 (22nd highest)

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Source: Sean Pavone / Getty Images

Georgia
> Value of a dollar: $1.07 (24th highest)
> Annual personal income: $51,165 (14th lowest)
> Cost of living-adjusted income: $54,644 (14th lowest)
> Median home value: $202,500 (24th lowest)

Source: Eric Tessmer / Wikimedia Commons

Hawaii
> Value of a dollar: $0.81 (the lowest)
> Annual personal income: $60,729 (17th highest)
> Cost of living-adjusted income: $49,008 (2nd lowest)
> Median home value: $669,200 (the highest)

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Idaho
> Value of a dollar: $1.08 (21st highest)
> Annual personal income: $48,616 (8th lowest)
> Cost of living-adjusted income: $52,408 (8th lowest)
> Median home value: $255,200 (19th highest)

Source: marchello74 / Getty Images

Illinois
> Value of a dollar: $1.03 (21st lowest)
> Annual personal income: $62,977 (12th highest)
> Cost of living-adjusted income: $64,614 (5th highest)
> Median home value: $209,100 (25th highest)

Source: f11photo / Getty Images

Indiana
> Value of a dollar: $1.11 (10th highest)
> Annual personal income: $51,340 (16th lowest)
> Cost of living-adjusted income: $57,141 (24th highest)
> Median home value: $156,000 (7th lowest)

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Source: pabradyphoto / Getty Images

Iowa
> Value of a dollar: $1.11 (12th highest)
> Annual personal income: $55,218 (24th lowest)
> Cost of living-adjusted income: $61,292 (19th highest)
> Median home value: $158,900 (9th lowest)

Source: Davel5957 / Getty Images

Kansas
> Value of a dollar: $1.11 (13th highest)
> Annual personal income: $56,073 (24th highest)
> Cost of living-adjusted income: $62,129 (15th highest)
> Median home value: $163,200 (10th lowest)

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Source: Davel5957 / Getty Images

Kentucky
> Value of a dollar: $1.13 (6th highest)
> Annual personal income: $46,507 (4th lowest)
> Cost of living-adjusted income: $52,367 (7th lowest)
> Median home value: $151,700 (5th lowest)

Source: f11photo / Getty Images

Louisiana
> Value of a dollar: $1.12 (8th highest)
> Annual personal income: $50,037 (11th lowest)
> Cost of living-adjusted income: $56,091 (20th lowest)
> Median home value: $172,100 (13th lowest)

Source: SeanPavonePhoto / Getty Images

Maine
> Value of a dollar: $1.01 (18th lowest)
> Annual personal income: $54,225 (22nd lowest)
> Cost of living-adjusted income: $54,605 (13th lowest)
> Median home value: $200,500 (23rd lowest)

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Source: SeanPavonePhoto / Getty Images

Maryland
> Value of a dollar: $0.92 (7th lowest)
> Annual personal income: $68,258 (7th highest)
> Cost of living-adjusted income: $63,002 (11th highest)
> Median home value: $332,500 (9th highest)

Source: DenisTangneyJr / Getty Images

Massachusetts
> Value of a dollar: $0.90 (5th lowest)
> Annual personal income: $79,721 (2nd highest)
> Cost of living-adjusted income: $71,430 (2nd highest)
> Median home value: $418,600 (3rd highest)

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Source: pawel.gaul / Getty Images

Michigan
> Value of a dollar: $1.08 (22nd highest)
> Annual personal income: $52,987 (18th lowest)
> Cost of living-adjusted income: $57,067 (25th lowest)
> Median home value: $169,600 (12th lowest)

Source: RudyBalasko / Getty Images

Minnesota
> Value of a dollar: $1.02 (19th lowest)
> Annual personal income: $61,540 (15th highest)
> Cost of living-adjusted income: $62,771 (12th highest)
> Median home value: $246,700 (21st highest)

Source: SeanPavonePhoto / Getty Images

Mississippi
> Value of a dollar: $1.16 (the highest)
> Annual personal income: $41,745 (the lowest)
> Cost of living-adjusted income: $48,257 (the lowest)
> Median home value: $128,200 (2nd lowest)

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Source: f11photo / Getty Images

Missouri
> Value of a dollar: $1.11 (10th highest)
> Annual personal income: $51,177 (15th lowest)
> Cost of living-adjusted income: $56,960 (24th lowest)
> Median home value: $168,000 (11th lowest)

Source: peeterv / Getty Images

Montana
> Value of a dollar: $1.07 (25th highest)
> Annual personal income: $53,329 (20th lowest)
> Cost of living-adjusted income: $56,795 (22nd lowest)
> Median home value: $253,600 (20th highest)

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Source: Davel5957 / Getty Images

Nebraska
> Value of a dollar: $1.11 (15th highest)
> Annual personal income: $57,942 (20th highest)
> Cost of living-adjusted income: $64,026 (8th highest)
> Median home value: $172,700 (14th lowest)

Source: photoquest7 / Getty Images

Nevada
> Value of a dollar: $1.03 (21st lowest)
> Annual personal income: $53,635 (21st lowest)
> Cost of living-adjusted income: $55,030 (16th lowest)
> Median home value: $317,800 (11th highest)

Source: DenisTangneyJr / Getty Images

New Hampshire
> Value of a dollar: $0.94 (8th lowest)
> Annual personal income: $66,418 (8th highest)
> Cost of living-adjusted income: $62,101 (16th highest)
> Median home value: $281,400 (14th highest)

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Source: SeanPavonePhoto / Getty Images

New Jersey
> Value of a dollar: $0.84 (4th lowest)
> Annual personal income: $75,245 (4th highest)
> Cost of living-adjusted income: $63,206 (10th highest)
> Median home value: $348,800 (7th highest)

Source: ferrantraite / Getty Images

New Mexico
> Value of a dollar: $1.09 (17th highest)
> Annual personal income: $45,803 (3rd lowest)
> Cost of living-adjusted income: $49,879 (3rd lowest)
> Median home value: $180,900 (16th lowest)

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Source: Eloi_Omella / Getty Images

New York
> Value of a dollar: $0.84 (3rd lowest)
> Annual personal income: $75,548 (3rd highest)
> Cost of living-adjusted income: $63,234 (9th highest)
> Median home value: $338,700 (8th highest)

Source: Sean Pavone / Getty Images

North Carolina
> Value of a dollar: $1.08 (19th highest)
> Annual personal income: $50,086 (12th lowest)
> Cost of living-adjusted income: $54,243 (11th lowest)
> Median home value: $193,200 (20th lowest)

Source: DenisTangneyJr / Getty Images

North Dakota
> Value of a dollar: $1.11 (14th highest)
> Annual personal income: $59,388 (18th highest)
> Cost of living-adjusted income: $65,743 (4th highest)
> Median home value: $205,400 (25th lowest)

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Source: Sean Pavone / Getty Images

Ohio
> Value of a dollar: $1.12 (9th highest)
> Annual personal income: $53,296 (19th lowest)
> Cost of living-adjusted income: $59,478 (23rd highest)
> Median home value: $157,200 (8th lowest)

Source: Majestic_Aerials / Getty Images

Oklahoma
> Value of a dollar: $1.13 (5th highest)
> Annual personal income: $49,249 (10th lowest)
> Cost of living-adjusted income: $55,553 (18th lowest)
> Median home value: $147,000 (4th lowest)

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Source: 4nadia / Getty Images

Oregon
> Value of a dollar: $0.98 (12th lowest)
> Annual personal income: $56,765 (23rd highest)
> Cost of living-adjusted income: $55,516 (17th lowest)
> Median home value: $354,600 (6th highest)

Source: f11photo / Getty Images

Pennsylvania
> Value of a dollar: $1.03 (22nd lowest)
> Annual personal income: $62,198 (14th highest)
> Cost of living-adjusted income: $64,064 (7th highest)
> Median home value: $192,600 (19th lowest)

Source: SeanPavonePhoto / Getty Images

Rhode Island
> Value of a dollar: $0.99 (15th lowest)
> Annual personal income: $60,837 (16th highest)
> Cost of living-adjusted income: $60,046 (20th highest)
> Median home value: $283,000 (13th highest)

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Source: Sean Pavone / Getty Images

South Carolina
> Value of a dollar: $1.09 (18th highest)
> Annual personal income: $47,502 (7th lowest)
> Cost of living-adjusted income: $51,540 (6th lowest)
> Median home value: $179,800 (15th lowest)

Source: EunikaSopotnicka / Getty Images

South Dakota
> Value of a dollar: $1.12 (7th highest)
> Annual personal income: $57,273 (21st highest)
> Cost of living-adjusted income: $64,260 (6th highest)
> Median home value: $185,000 (17th lowest)

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Source: benedek / Getty Images

Tennessee
> Value of a dollar: $1.10 (16th highest)
> Annual personal income: $50,547 (13th lowest)
> Cost of living-adjusted income: $55,753 (19th lowest)
> Median home value: $191,900 (18th lowest)

Source: RoschetzkyIstockPhoto / Getty Images

Texas
> Value of a dollar: $1.04 (24th lowest)
> Annual personal income: $54,841 (23rd lowest)
> Cost of living-adjusted income: $56,760 (21st lowest)
> Median home value: $200,400 (22nd lowest)

Source: johnnya123 / Getty Images

Utah
> Value of a dollar: $1.04 (24th lowest)
> Annual personal income: $52,251 (17th lowest)
> Cost of living-adjusted income: $54,080 (10th lowest)
> Median home value: $330,300 (10th highest)

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Source: SeanPavonePhoto / Getty Images

Vermont
> Value of a dollar: $0.97 (11th lowest)
> Annual personal income: $58,650 (19th highest)
> Cost of living-adjusted income: $56,832 (23rd lowest)
> Median home value: $233,200 (24th highest)

Source: SeanPavonePhoto / Getty Images

Virginia
> Value of a dollar: $0.99 (15th lowest)
> Annual personal income: $62,362 (13th highest)
> Cost of living-adjusted income: $61,551 (17th highest)
> Median home value: $288,800 (12th highest)

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Source: Sean Pavone / iStock via Getty Images

Washington
> Value of a dollar: $0.92 (6th lowest)
> Annual personal income: $68,322 (6th highest)
> Cost of living-adjusted income: $62,583 (13th highest)
> Median home value: $387,600 (5th highest)

Source: Sean Pavone / Getty Images

West Virginia
> Value of a dollar: $1.13 (4th highest)
> Annual personal income: $45,109 (2nd lowest)
> Cost of living-adjusted income: $50,928 (5th lowest)
> Median home value: $124,600 (the lowest)

Source: Sean Pavone / Getty Images

Wisconsin
> Value of a dollar: $1.08 (20th highest)
> Annual personal income: $55,487 (25th highest)
> Cost of living-adjusted income: $59,981 (21st highest)
> Median home value: $197,200 (21st lowest)

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Source: collins_family / Flickr

Wyoming
> Value of a dollar: $1.07 (23rd highest)
> Annual personal income: $63,263 (11th highest)
> Cost of living-adjusted income: $67,818 (3rd highest)
> Median home value: $235,200 (23rd highest)

Methodology: 

To determine the value of a dollar in every state, 24/7 Wall St. reviewed data on regional price parity in 2019 from the Bureau of Economic Analysis. 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 2020. To arrive at the effective personal income value for every state, we divided the 2020 per-capita personal income figure by the 2019 regional price parity value. Median home values came from the 2019 U.S. Census Bureau’s American Community Survey and are one-year estimates.

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