The U.S. dollar is one of the strongest currencies in the world, meaning its purchasing power is much greater than the currencies of nearly all other independent nations. Yet the purchasing power of a dollar fluctuates greatly within U.S. borders, as the price of housing, food, and services vary considerably across the country.
To shed light on these differences that reflect the relative purchasing power of Americans in every state, 24/7 Wall St. calculated the value of a dollar in each state using data from the Bureau of Economic Analysis.
A dollar goes the furthest in America’s poorest states. Goods and services are less expensive to accommodate the relatively low-income residents. These areas are primarily located in the South. Conversely, the most expensive states – where the dollar has the least purchasing power – are home to some of the nation’s largest and most affluent cities.
1. Alabama
• Value of a dollar: $1.15 (2nd highest)
• Personal income per capita: $42,334 (5th lowest)
• Income adjusted by cost of living: $43,684 (10th lowest)
• Median home value: $141,300 (7th lowest)
2. Alaska
• Value of a dollar: $0.95 (10th lowest)
• Personal income per capita: $59,687 (10th highest)
• Income adjusted by cost of living: $51,079 (11th highest)
• Median home value: $273,100 (12th highest – tied)
3. Arizona
• Value of a dollar: $1.04 (25th highest)
• Personal income per capita: $43,650 (9th lowest)
• Income adjusted by cost of living: $40,814 (4th lowest)
• Median home value: $223,400 (21st highest)
4. Arkansas
• Value of a dollar: $1.15 (3rd highest)
• Personal income per capita: $42,566 (6th lowest)
• Income adjusted by cost of living: $44,018 (13th lowest)
• Median home value: $128,500 (3rd lowest)
5. California
• Value of a dollar: $0.87 (3rd lowest)
• Personal income per capita: $62,586 (6th highest)
• Income adjusted by cost of living: $48,384 (23rd highest)
• Median home value: $509,400 (2nd highest)
6. Colorado
• Value of a dollar: $0.97 (11th lowest)
• Personal income per capita: $56,846 (13th highest)
• Income adjusted by cost of living: $48,963 (21st highest)
• Median home value: $348,900 (4th highest)
7. Connecticut
• Value of a dollar: $0.92 (6th lowest)
• Personal income per capita: $74,561 (the highest)
• Income adjusted by cost of living: $61,600 (the highest)
• Median home value: $273,100 (12th highest – tied)
8. Delaware
• Value of a dollar: $1.00 (14th lowest)
• Personal income per capita: $51,449 (21st highest)
• Income adjusted by cost of living: $46,305 (23rd lowest)
• Median home value: $252,800 (17th highest)
9. Florida
• Value of a dollar: $1.00 (16th lowest)
• Personal income per capita: $49,417 (25th lowest)
• Income adjusted by cost of living: $44,541 (15th lowest)
• Median home value: $214,000 (23rd highest)
10. Georgia
• Value of a dollar: $1.09 (19th highest)
• Personal income per capita: $45,745 (12th lowest)
• Income adjusted by cost of living: $44,525 (14th lowest)
• Median home value: $173,700 (21st lowest)
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SOURCE: Michael B. Sauter, 24/7 Wall Street
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