Pexels.com
Pexels.com
The purchasing power of a dollar in Minnesota, based on the cost of living and other factors in the state, is $1.03, according to a state-by-state ranking of the dollar’s value by the website 24/7 Wall St.
The buying power of a dollar in Minnesota is the 26th highest among the 50 states, 24/7 Wall St. reported. Goods and services in relatively poorer states tend to be less expensive than in states that are home to large, wealthy metropolitan areas, according to the analysis.
Each state’s dollar value was estimated by dividing 100 (the dollar’s base value) by estimates for regional price parity, based on the Bureau of Economic Analysis’ 2016 data, the most recent numbers available.
Minnesota has a personal income per capita of $56,374. That figure was divided by the state’s price parity number to ascertain the effective personal income of residents on average – $52,075.
The median home value in the state, $224,000, reflects the 2016 U.S. Census Bureau’s American Consumer Survey.
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States Where a Dollar Goes the Furthest
Rank | State | Value of Dollar | Personal Income Per Capita | Income Adjusted by Cost of Living | Median Home Value |
1 | Mississippi | $1.16 | $37,994 | $39,901 | $120,200 |
2 (tie) | Alabama | $1.15 | $42,334 | $43,684 | $141,300 |
2 (tie) | Arkansas | $1.15 | $42,566 | $44,018 | $128,500 |
3 (tie) | Kentucky | $1.14 | $41,779 | $43,273 | $141,000 |
3 (tie) | West Virginia | $1.14 | $40,578 | $40,619 | $119,800 |
6 | South Dakota | $1.13 | $50,141 | $52,855 | $167,600 |
7 (tie) | Missouri | $1.12 | $46,635 | $46,893 | $156,700 |
7 (tie) | Ohio | $1.12 | $48,242 | $48,699 | $144,200 |
7 (tie) | Oklahoma | $1.12 | $46,128 | $45,548 | $137,400 |
10 (tie) | Indiana | $1.11 | $46,646 | $46,444 | $141,100 |
10 (tie) | Iowa | $1.11 | $48,823 | $49,485 | $149,100 |
10 (tie) | Louisiana | $1.11 | $45,542 | $45,363 | $162,500 |
10 (tie) | South Carolina | $1.11 | $42,736 | $42,958 | $161,800 |
10 (tie) | Tennessee | $1.11 | $47,179 | $46,885 | $167,500 |
15 (tie) | Kansas | $1.10 | $50,155 | $50,504 | $150,600 |
15 (tie) | Nebraska | $1.10 | $52,110 | $52,833 | $155,800 |
15 (tie) | North Carolina | $1.10 | $45,834 | $45,216 | $171,200 |
18 (tie) | Georgia | $1.09 | $45,745 | $44,525 | $173,700 |
18 (tie) | North Dakota | $1.09 | $54,306 | $55,364 | $194,700 |
20 (tie) | Idaho | $1.08 | $43,155 | $41,912 | $207,100 |
20 (tie) | Wisconsin | $1.08 | $50,756 | $49,211 | $178,900 |
22 (tie) | Michigan | $1.07 | $47,582 | $46,186 | $155,700 |
22 (tie) | New Mexico | $1.07 | $41,198 | $40,049 | $171,300 |
24 | Montana | $1.06 | $47,120 | $45,041 | $231,300 |
25 | Arizona | $1.04 | $43,650 | $40,814 | $223,400 |
26 (tie) | Minnesota | $1.03 | $56,374 | $52,075 | $224,000 |
26 (tie) | Nevada | $1.03 | $48,225 | $43,972 | $258,200 |
26 (tie) | Texas | $1.03 | $49,161 | $45,823 | $172,200 |
26 (tie) | Wyoming | $1.03 | $60,095 | $55,183 | $214,300 |
26 (tie) | Utah | $1.03 | $45,340 | $41,706 | $275,100 |
31 (tie) | Maine | $1.02 | $48,241 | $43,817 | $191,200 |
31 (tie) | Pennsylvania | $1.02 | $55,349 | $50,276 | $181,200 |
33 | Illinois | $1.01 | $56,933 | $51,070 | $195,300 |
34 (tie) | Delaware | $1.00 | $51,449 | $46,305 | $252,800 |
34 (tie) | Florida | $1.00 | $49,417 | $44,541 | $214,000 |
34 (tie) | Oregon | $1.00 | $49,908 | $44,778 | $319,200 |
34 (tie) | Rhode Island | $1.00 | $54,523 | $49,114 | $257,800 |
38 (tie) | Vermont | $0.98 | $53,598 | $47,971 | $226,300 |
38 (tie) | Virginia | $0.98 | $56,952 | $50,184 | $273,400 |
40 | Colorado | $0.97 | $56,846 | $48,963 | $348,900 |
41 (tie) | Alaska | $0.95 | $59,687 | $51,079 | $273,100 |
41 (tie) | Washington | $0.95 | $60,781 | $50,640 | $339,000 |
43 | New Hampshire | $0.94 | $61,405 | $51,929 | $263,600 |
44 | Massachusetts | $0.93 | $70,073 | $58,221 | $385,400 |
45 | Connecticut | $0.92 | $74,561 | $61,600 | $273,100 |
46 | Maryland | $0.91 | $62,914 | $51,645 | $312,500 |
47 | New Jersey | $0.88 | $67,609 | $52,651 | $334,900 |
48 (tie) | California | $0.87 | $62,586 | $48,384 | $509,400 |
48 (tie) | New York | $0.87 | $68,667 | $50,709 | $314,500 |
50 | Hawaii | $0.84 | $54,565 | $41,353 | $617,400 |