Special Report

This is the Value of a Dollar in Oregon

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 v 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.

In Oregon, the true purchasing power of a dollar is about $0.98. Cost of living in a given area is closely tied to wages in the area. Generally, in places where incomes are higher, the cost of goods and services is also higher, and a dollar does not go as far. In Oregon, annual income per capita stands at $56,765 — compared to $59,729 nationwide.

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 income — and vice-versa. Oregon’s cost of living- adjusted personal income amounts to $55,516, far lower than the comparable national income.

Cost of living measures take into consideration housing costs, which for most Americans account for a substantial share of living expenses. As a result, areas where a dollar has lower than average purchasing power, home prices tend to be relatively high — and in areas where a dollar goes further than average, housing tends to be cheaper. The typical home in Oregon is worth $354,600. Meanwhile, the median home value across the U.S. as a whole stands at $240,500.

24/7 Wall St. reviewed data on regional price parity in 2019 from the Bureau of Economic Analysis to determine the value of a dollar in each state. We calculated the value of a dollar 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. This is the value of a dollar in every state.

 

State Value of a dollar ($) Personal annual income ($) Cost of living adjusted income ($) Median home value ($)
Alabama 1.14 46,908 53,569 154,000
Alaska 0.95 64,780 61,476 281,200
Arizona 1.04 48,950 50,761 255,900
Arkansas 1.15 47,109 54,317 136,200
California 0.84 71,480 59,757 568,500
Colorado 0.98 63,522 62,315 394,600
Connecticut 0.95 79,771 75,782 280,700
Delaware 1.01 56,768 57,109 261,700
Florida 0.99 55,337 54,784 245,100
Georgia 1.07 51,165 54,644 202,500
Hawaii 0.81 60,729 49,008 669,200
Idaho 1.08 48,616 52,408 255,200
Illinois 1.03 62,977 64,614 209,100
Indiana 1.11 51,340 57,141 156,000
Iowa 1.11 55,218 61,292 158,900
Kansas 1.11 56,073 62,129 163,200
Kentucky 1.13 46,507 52,367 151,700
Louisiana 1.12 50,037 56,091 172,100
Maine 1.01 54,225 54,605 200,500
Maryland 0.92 68,258 63,002 332,500
Massachusetts 0.90 79,721 71,430 418,600
Michigan 1.08 52,987 57,067 169,600
Minnesota 1.02 61,540 62,771 246,700
Mississippi 1.16 41,745 48,257 128,200
Missouri 1.11 51,177 56,960 168,000
Montana 1.07 53,329 56,795 253,600
Nebraska 1.11 57,942 64,026 172,700
Nevada 1.03 53,635 55,030 317,800
New Hampshire 0.94 66,418 62,101 281,400
New Jersey 0.84 75,245 63,206 348,800
New Mexico 1.09 45,803 49,879 180,900
New York 0.84 75,548 63,234 338,700
North Carolina 1.08 50,086 54,243 193,200
North Dakota 1.11 59,388 65,743 205,400
Ohio 1.12 53,296 59,478 157,200
Oklahoma 1.13 49,249 55,553 147,000
Oregon 0.98 56,765 55,516 354,600
Pennsylvania 1.03 62,198 64,064 192,600
Rhode Island 0.99 60,837 60,046 283,000
South Carolina 1.09 47,502 51,540 179,800
South Dakota 1.12 57,273 64,260 185,000
Tennessee 1.10 50,547 55,753 191,900
Texas 1.04 54,841 56,760 200,400
Utah 1.04 52,251 54,080 330,300
Vermont 0.97 58,650 56,832 233,200
Virginia 0.99 62,362 61,551 288,800
Washington 0.92 68,322 62,583 387,600
West Virginia 1.13 45,109 50,928 124,600
Wisconsin 1.08 55,487 59,981 197,200
Wyoming 1.07 63,263 67,818 235,200