5 States Where $100 Goes the Furthest
It’s true what they say: sometimes you can get more bang for your buck. That’s particularly true in an incredibly large and diverse country like the United States, where relative values of currency and commodities can vary wildly from region to region. While there are a ton of factors that actually go into determining what something is or is not worth, most people are generally only concerned with how far the money in their pocket will actually get them. Thanks to some digging and calculations done by the folks over at the Tax Foundation, we have a little more insight into the topic.
Using data collected from the Bureau of Economic Analysis, the Tax Foundation published an infographic containing a map of the United States, along with the relative value of $100 in each of the 50 states. The results may not be all that surprising, as it reveals that your money is worth quite a bit less in states like Hawaii, Alaska, and California than it might be in places like Ohio or Kentucky.
Naturally, urban areas tend to be much more expensive than rural regions. A look at more data from the Tax Foundation indicates that many of the urban settings in states like New Jersey and California have much lower relative values for currency than in parts of The Great Plains, for example. Some of the reasons for the large rift boil down to simple economics from a supply and demand perspective. For example, Honolulu is the most expensive city in the country to live in, mostly because it’s densely populated, has incredible weather, and lots of people want to live there — also, it’s an island. Since demand is high and supply of housing and jobs is limited, and transportation to and from the island is expensive, prices increase.
A quick look at the numbers presented shows that the value of $100 can vary quite wildly from as low as $84.60 in Washington D.C. all the way up to more than $115. That’s a difference of nearly 30 percent, simply based on location.
What states get you the most bang for your Benjamins? Read on to find out.