Michael B. Sauter| 24/7 Wall Street
As the coronaviruspandemic 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.
Apartments for rent: Americans don't want yearlong leases amid the pandemic, neither do landlords
Filed your 2019 tax return?: IRS to distribute tax refund interest checks to taxpayers
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
Pepperoni shortage: Will the scarcity affect your pizza habit?
Looking to buy a home?: These are the top 10 hottest US housing markets
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
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)
24/7 Wall Street is a USA TODAY content partner offering financial news and commentary. Its content is produced independently of USA TODAY.
