The Value of $100 in North Dakota
It’s no secret that the cost of living in the U.S. is truly determined by where you live.
For instance, $50,000 in Bismarck, North Dakota is certainly not going to look the same as what $50,000 in New York City, New York looks like. That $60,000 is rounded down from the median household income of $59,345. That was the number as of the beginning of summer 2017, anyway.
However, let’s look at a much smaller, more relative figure. How about $100? Let’s use this figure since the good people at The Tax Foundation decided to use that amount to figure out how much $100 is worth in every state.
As the report from The Tax Foundation explained:
“Some states, like North Dakota, have high incomes without high prices. Adjusting incomes for price level can substantially change our perceptions of which states are truly poor or rich…For example, New Yorkers and North Dakotans earn approximately the same amount in dollars per capita, but after adjusting for regional price parity, North Dakotan incomes can buy more.”
Compared to the national average, it seems that $100 in North Dakota is actually worth $108.34. This is the 18th largest amount for any state in the country. Not too shabby. As for the states where $100 is worth the most:
- Mississippi $116.01
- Alabama $115.21
- Arkansas $114.22
Our neighbors to the south made the list at number four as $100 is worth $113.38 in South Dakota.
New York wasn’t the highest on the map of states (and districts) as some people might think, although they did come in 49th on the list at $86.73. Only Washinton D.C. and Hawaii finished below them at $85.47 and $84.18 respectively.
All data collected came from The Bureau of Economic Analysis and factored in income tax brackets, public benefits, and state and local minimum wages.
To view the full map of how much $100 is actually worth in each state, click the link here.