Your dollars go a lot serve in some states than others.
The Tax Foundation released the latest iteration of its map showing the relations value of $100 in every state compared with the inhabitant normal using information from the Bureau of Economic Analysis.
In some-more costly states like California, you can means partially reduction than average. In reduction costly states like Mississippi, you can buy comparatively more.
Let’s demeanour at Ohio, which is a low-price state, as an instance of what the numbers on the map mean. $100 there will buy you products and services that would be worth $112.11 at the inhabitant normal cost level, according to the report.
“You could consider of this as definition that Ohioans are, for the functions of day-to-day living, 12% richer than their incomes suggest,” the Tax Foundation’s Amir El-Sibaie said.
“Regional cost differences are strikingly large; genuine purchasing energy is 36% larger in Mississippi than it is in the District of Columbia,” El-Sibaie said.
“In other words, by this measure, if you have $50,000 in after-tax income in Mississippi, you would need after-tax gain of $68,000 in the District of Columbia just to means the same altogether customary of living.”
The states with the largest relations value of $100 were:
- Mississippi ($116.01)
- Alabama ($115.21)
- Arkansas ($114.42)
- South Dakota ($113.38)
- Kentucky ($112.87)
The states with the smallest relations value of $100 were:
- District of Columbia ($85.47)
- Hawaii ($84.18)
- New York ($86.73)
- California ($88.18)
- New Jersey ($88.18)
Check out the full post at the Tax Foundation.