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!

What are your thoughts? We hope you enjoyed our latest blog. Be sure to connect and follow us on Facebook and Linkedin for future updates and special savings!