As the Coronavirus continues to affect the American economy, the value of the country’s currency has taken a hit in international markets. Even so, the U.S. dollar remains one of the most widely-traded and powerful currencies in the world. Within the United States, the purchasing power of a dollar fluctuates greatly, as the price of housing, food, products, and services vary considerably across the country.
To shed light on these differences that reflect how far a dollar can stretch in every state, 24/7 Wall St. calculated the purchasing power of a dollar in each state using data from the Bureau of Economic Analysis.
We reviewed the BEA’s estimates for regional price parity in 2018 — 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 regional price parity figure. We also reviewed the BEA’s per capita personal income and real per capita personal income data for all states in 2018. Median home values came from the 2018 U.S. Census Bureau’s American Consumer Survey.
A dollar goes the furthest in America’s poorest states. Goods and services tend to be less expensive in lower-income areas, more closely reflecting what residents can afford. A large share of cities with relatively large lower-income and poor populations are located in Southern states.
Conversely, the most expensive states — where the dollar has the least purchasing power — are home to some of the nation’s most affluent cities and towns.
Click here to see the value of a dollar in every state
Alabama
> Value of a dollar: $1.16 (3rd highest)
> Personal income per capita: $42,240 (4th lowest)
> Income adjusted by cost of living: $45,397 (11th lowest)
> Median home value: $147,900 (6th lowest)
Click here to see our full analysis of cost of living in Alabama
[in-text-ad]
Alaska
> Value of a dollar: $0.95 (10th lowest)
> Personal income per capita: $59,605 (10th highest)
> Income adjusted by cost of living: $52,816 (17th highest)
> Median home value: $276,100 (14th highest)
Click here to see our full analysis of cost of living in Alaska
Arizona
> Value of a dollar: $1.04 (25th lowest)
> Personal income per capita: $44,414 (9th lowest)
> Income adjusted by cost of living: $42,742 (3rd lowest)
> Median home value: $241,100 (19th highest)
Click here to see our full analysis of cost of living in Arizona
Arkansas
> Value of a dollar: $1.17 (the highest)
> Personal income per capita: $43,292 (6th lowest)
> Income adjusted by cost of living: $47,158 (17th lowest)
> Median home value: $133,100 (3rd lowest)
Click here to see our full analysis of cost of living in Arkansas
[in-text-ad-2]
California
> Value of a dollar: $0.87 (3rd lowest)
> Personal income per capita: $63,711 (5th highest)
> Income adjusted by cost of living: $51,274 (21st highest)
> Median home value: $546,800 (2nd highest)
Click here to see our full analysis of cost of living in California
Colorado
> Value of a dollar: $0.98 (13th lowest)
> Personal income per capita: $58,500 (11th highest)
> Income adjusted by cost of living: $53,315 (15th highest)
> Median home value: $373,300 (4th highest)
Click here to see our full analysis of cost of living in Colorado
[in-text-ad]
Connecticut
> Value of a dollar: $0.94 (8th lowest)
> Personal income per capita: $76,481 (the highest)
> Income adjusted by cost of living: $66,978 (the highest)
> Median home value: $277,400 (13th highest)
Click here to see our full analysis of cost of living in Connecticut
Delaware
> Value of a dollar: $1.01 (18th lowest)
> Personal income per capita: $52,599 (21st highest)
> Income adjusted by cost of living: $49,436 (25th highest)
> Median home value: $255,300 (17th highest)
Click here to see our full analysis of cost of living in Delaware
Florida
> Value of a dollar: $0.99 (15th lowest)
> Personal income per capita: $50,199 (23rd lowest)
> Income adjusted by cost of living: $46,346 (12th lowest)
> Median home value: $230,600 (23rd highest)
Click here to see our full analysis of cost of living in Florida
[in-text-ad-2]
Georgia
> Value of a dollar: $1.08 (24th highest)
> Personal income per capita: $46,519 (14th lowest)
> Income adjusted by cost of living: $46,471 (13th lowest)
> Median home value: $189,900 (23rd lowest)
Click here to see our full analysis of cost of living in Georgia
Hawaii
> Value of a dollar: $0.85 (the lowest)
> Personal income per capita: $55,414 (17th highest)
> Income adjusted by cost of living: $43,595 (5th lowest)
> Median home value: $631,700 (the highest)
Click here to see our full analysis of cost of living in Hawaii
[in-text-ad]
Idaho
> Value of a dollar: $1.08 (22nd highest)
> Personal income per capita: $43,994 (8th lowest)
> Income adjusted by cost of living: $44,193 (6th lowest)
> Median home value: $233,100 (21st highest)
Click here to see our full analysis of cost of living in Idaho
Illinois
> Value of a dollar: $1.02 (19th lowest)
> Personal income per capita: $56,919 (14th highest)
> Income adjusted by cost of living: $53,893 (11th highest)
> Median home value: $203,400 (25th highest)
Click here to see our full analysis of cost of living in Illinois
Indiana
> Value of a dollar: $1.12 (12th highest)
> Personal income per capita: $47,124 (16th lowest)
> Income adjusted by cost of living: $48,997 (24th lowest)
> Median home value: $147,300 (5th lowest)
Click here to see our full analysis of cost of living in Indiana
[in-text-ad-2]
Iowa
> Value of a dollar: $1.12 (11th highest)
> Personal income per capita: $50,243 (24th lowest)
> Income adjusted by cost of living: $52,288 (19th highest)
> Median home value: $152,000 (9th lowest)
Click here to see our full analysis of cost of living in Iowa
Kansas
> Value of a dollar: $1.11 (15th highest)
> Personal income per capita: $51,474 (24th highest)
> Income adjusted by cost of living: $53,125 (16th highest)
> Median home value: $159,400 (10th lowest)
Click here to see our full analysis of cost of living in Kansas
[in-text-ad]
Kentucky
> Value of a dollar: $1.14 (4th highest)
> Personal income per capita: $42,527 (5th lowest)
> Income adjusted by cost of living: $44,959 (9th lowest)
> Median home value: $148,100 (7th lowest)
Click here to see our full analysis of cost of living in Kentucky
Louisiana
> Value of a dollar: $1.12 (10th highest)
> Personal income per capita: $46,245 (11th lowest)
> Income adjusted by cost of living: $48,178 (19th lowest)
> Median home value: $167,300 (14th lowest)
Click here to see our full analysis of cost of living in Louisiana
Maine
> Value of a dollar: $1.00 (16th lowest)
> Personal income per capita: $48,881 (21st lowest)
> Income adjusted by cost of living: $45,381 (10th lowest)
> Median home value: $197,500 (24th lowest)
Click here to see our full analysis of cost of living in Maine
[in-text-ad-2]
Maryland
> Value of a dollar: $0.92 (6th lowest)
> Personal income per capita: $63,426 (6th highest)
> Income adjusted by cost of living: $54,360 (10th highest)
> Median home value: $324,800 (9th highest)
Click here to see our full analysis of cost of living in Maryland
Massachusetts
> Value of a dollar: $0.91 (5th lowest)
> Personal income per capita: $71,886 (2nd highest)
> Income adjusted by cost of living: $60,866 (2nd highest)
> Median home value: $400,700 (3rd highest)
Click here to see our full analysis of cost of living in Massachusetts
[in-text-ad]
Michigan
> Value of a dollar: $1.08 (21st highest)
> Personal income per capita: $48,480 (19th lowest)
> Income adjusted by cost of living: $48,742 (23rd lowest)
> Median home value: $162,500 (12th lowest)
Click here to see our full analysis of cost of living in Michigan
Minnesota
> Value of a dollar: $1.03 (22nd lowest)
> Personal income per capita: $57,566 (13th highest)
> Income adjusted by cost of living: $54,857 (8th highest)
> Median home value: $235,400 (20th highest)
Click here to see our full analysis of cost of living in Minnesota
Mississippi
> Value of a dollar: $1.16 (2nd highest)
> Personal income per capita: $37,904 (the lowest)
> Income adjusted by cost of living: $40,927 (the lowest)
> Median home value: $123,300 (2nd lowest)
Click here to see our full analysis of cost of living in Mississippi
[in-text-ad-2]
Missouri
> Value of a dollar: $1.13 (9th highest)
> Personal income per capita: $47,784 (18th lowest)
> Income adjusted by cost of living: $49,979 (24th highest)
> Median home value: $162,600 (13th lowest)
Click here to see our full analysis of cost of living in Missouri
Montana
> Value of a dollar: $1.07 (25th highest)
> Personal income per capita: $47,611 (17th lowest)
> Income adjusted by cost of living: $47,407 (18th lowest)
> Median home value: $249,200 (18th highest)
Click here to see our full analysis of cost of living in Montana
[in-text-ad]
Nebraska
> Value of a dollar: $1.12 (13th highest)
> Personal income per capita: $53,364 (20th highest)
> Income adjusted by cost of living: $55,358 (6th highest)
> Median home value: $161,800 (11th lowest)
Click here to see our full analysis of cost of living in Nebraska
Nevada
> Value of a dollar: $1.03 (22nd lowest)
> Personal income per capita: $49,290 (22nd lowest)
> Income adjusted by cost of living: $46,970 (16th lowest)
> Median home value: $292,200 (11th highest)
Click here to see our full analysis of cost of living in Nevada
New Hampshire
> Value of a dollar: $0.94 (9th lowest)
> Personal income per capita: $61,429 (8th highest)
> Income adjusted by cost of living: $53,832 (12th highest)
> Median home value: $270,000 (16th highest)
Click here to see our full analysis of cost of living in New Hampshire
[in-text-ad-2]
New Jersey
> Value of a dollar: $0.87 (4th lowest)
> Personal income per capita: $68,409 (4th highest)
> Income adjusted by cost of living: $55,174 (7th highest)
> Median home value: $344,000 (6th highest)
Click here to see our full analysis of cost of living in New Jersey
New Mexico
> Value of a dollar: $1.10 (17th highest)
> Personal income per capita: $41,663 (3rd lowest)
> Income adjusted by cost of living: $42,491 (2nd lowest)
> Median home value: $174,700 (17th lowest)
Click here to see our full analysis of cost of living in New Mexico
[in-text-ad]
New York
> Value of a dollar: $0.86 (2nd lowest)
> Personal income per capita: $68,710 (3rd highest)
> Income adjusted by cost of living: $54,819 (9th highest)
> Median home value: $325,500 (8th highest)
Click here to see our full analysis of cost of living in New York
North Carolina
> Value of a dollar: $1.09 (19th highest)
> Personal income per capita: $46,126 (10th lowest)
> Income adjusted by cost of living: $46,650 (14th lowest)
> Median home value: $180,600 (19th lowest)
Click here to see our full analysis of cost of living in North Carolina
North Dakota
> Value of a dollar: $1.10 (16th highest)
> Personal income per capita: $55,598 (16th highest)
> Income adjusted by cost of living: $57,008 (4th highest)
> Median home value: $198,700 (25th lowest)
Click here to see our full analysis of cost of living in North Dakota
[in-text-ad-2]
Ohio
> Value of a dollar: $1.13 (7th highest)
> Personal income per capita: $48,793 (20th lowest)
> Income adjusted by cost of living: $51,249 (23rd highest)
> Median home value: $151,100 (8th lowest)
Click here to see our full analysis of cost of living in Ohio
Oklahoma
> Value of a dollar: $1.13 (7th highest)
> Personal income per capita: $46,267 (12th lowest)
> Income adjusted by cost of living: $48,633 (22nd lowest)
> Median home value: $140,000 (4th lowest)
Click here to see our full analysis of cost of living in Oklahoma
[in-text-ad]
Oregon
> Value of a dollar: $0.99 (14th lowest)
> Personal income per capita: $50,951 (25th highest)
> Income adjusted by cost of living: $46,819 (15th lowest)
> Median home value: $341,800 (7th highest)
Click here to see our full analysis of cost of living in Oregon
Pennsylvania
> Value of a dollar: $1.03 (22nd lowest)
> Personal income per capita: $56,252 (15th highest)
> Income adjusted by cost of living: $53,566 (13th highest)
> Median home value: $186,000 (21st lowest)
Click here to see our full analysis of cost of living in Pennsylvania
Rhode Island
> Value of a dollar: $1.01 (17th lowest)
> Personal income per capita: $54,800 (18th highest)
> Income adjusted by cost of living: $51,261 (22nd highest)
> Median home value: $273,800 (15th highest)
Click here to see our full analysis of cost of living in Rhode Island
[in-text-ad-2]
South Carolina
> Value of a dollar: $1.10 (17th highest)
> Personal income per capita: $43,702 (7th lowest)
> Income adjusted by cost of living: $44,531 (7th lowest)
> Median home value: $170,800 (15th lowest)
Click here to see our full analysis of cost of living in South Carolina
South Dakota
> Value of a dollar: $1.14 (6th highest)
> Personal income per capita: $52,426 (22nd highest)
> Income adjusted by cost of living: $55,377 (5th highest)
> Median home value: $171,500 (16th lowest)
Click here to see our full analysis of cost of living in South Dakota
[in-text-ad]
Tennessee
> Value of a dollar: $1.11 (14th highest)
> Personal income per capita: $46,889 (15th lowest)
> Income adjusted by cost of living: $48,441 (20th lowest)
> Median home value: $177,500 (18th lowest)
Click here to see our full analysis of cost of living in Tennessee
Texas
> Value of a dollar: $1.03 (23rd lowest)
> Personal income per capita: $50,483 (25th lowest)
> Income adjusted by cost of living: $48,443 (21st lowest)
> Median home value: $186,000 (21st lowest)
Click here to see our full analysis of cost of living in Texas
Utah
> Value of a dollar: $1.04 (24th lowest)
> Personal income per capita: $46,431 (13th lowest)
> Income adjusted by cost of living: $44,618 (8th lowest)
> Median home value: $303,300 (10th highest)
Click here to see our full analysis of cost of living in Utah
[in-text-ad-2]
Vermont
> Value of a dollar: $0.97 (11th lowest)
> Personal income per capita: $54,342 (19th highest)
> Income adjusted by cost of living: $49,001 (25th lowest)
> Median home value: $233,100 (21st highest)
Click here to see our full analysis of cost of living in Vermont
Virginia
> Value of a dollar: $0.98 (12th lowest)
> Personal income per capita: $57,910 (12th highest)
> Income adjusted by cost of living: $52,704 (18th highest)
> Median home value: $281,700 (12th highest)
Click here to see our full analysis of cost of living in Virginia
[in-text-ad]
Washington
> Value of a dollar: $0.93 (7th lowest)
> Personal income per capita: $62,122 (7th highest)
> Income adjusted by cost of living: $53,502 (14th highest)
> Median home value: $373,100 (5th highest)
Click here to see our full analysis of cost of living in Washington
West Virginia
> Value of a dollar: $1.14 (4th highest)
> Personal income per capita: $40,907 (2nd lowest)
> Income adjusted by cost of living: $43,268 (4th lowest)
> Median home value: $121,300 (the lowest)
Click here to see our full analysis of cost of living in West Virginia
Wisconsin
> Value of a dollar: $1.09 (20th highest)
> Personal income per capita: $51,647 (23rd highest)
> Income adjusted by cost of living: $52,182 (20th highest)
> Median home value: $188,500 (22nd lowest)
Click here to see our full analysis of cost of living in Wisconsin
[in-text-ad-2]
Wyoming
> Value of a dollar: $1.08 (23rd highest)
> Personal income per capita: $60,375 (9th highest)
> Income adjusted by cost of living: $60,458 (3rd highest)
> Median home value: $230,500 (24th highest)
Click here to see our full analysis of cost of living in Wyoming
Is Your Money Earning the Best Possible Rate? (Sponsor)
Let’s face it: If your money is just sitting in a checking account, you’re losing value every single day. With most checking accounts offering little to no interest, the cash you worked so hard to save is gradually being eroded by inflation.
However, by moving that money into a high-yield savings account, you can put your cash to work, growing steadily with little to no effort on your part. In just a few clicks, you can set up a high-yield savings account and start earning interest immediately.
There are plenty of reputable banks and online platforms that offer competitive rates, and many of them come with zero fees and no minimum balance requirements. Click here to see if you’re earning the best possible rate on your money!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
