You already know that the cost of living varies — sometimes drastically — depending on where you live, but a new Tax Foundation analysis shows exactly how big an impact such variations can have.
The study used data from the Bureau of Economic Analysis to determine the value of $100 relative to its national average value.
The report found that $100 has the highest relative value in Mississippi, where it would buy you goods that would cost $116.01 at the national average price level. That means that when it comes to day-to-day living, Mississippians are 16 percent wealthier than the dollar value of their incomes, and 37 percent wealthier than residents of Hawaii, where $100 is worth the least.
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Money goes second-furthest in Alabama, where $100 is worth $115.21. Rounding out the top five states are Arkansas ($114.42), South Dakota ($113.38) and Kentucky ($112.87).
By comparison, a consumer in Hawaii with $100 to spend would only be able to purchase $84.18 with of goods at a national average price. The study found that $100 is worth the second least in the District of Columbia ($85.47), followed by New York ($86.73), New Jersey and California (both $88.18)
Usually (but not always), the report authors note, residents in places with higher price levels also have higher income levels. “This is what labor economists call a compensating differential; the higher pay is offered in order to make up for the low purchasing power.”
Here are the states where $100 is worth the most and least:
10 States Where $100 Is Worth the Most
| State | Relative Value of $100 | Rank |
| Mississippi | $116.01 | 1 |
| Alabama | $115.21 | 2 |
| Arkansas | $114.42 | 3 |
| South Dakota | $113.38 | 4 |
| Kentucky | $112.87 | 5 |
| West Virginia | $112.49 | 6 |
| Ohio | $112.11 | 7 |
| Missouri | $111.98 | 8 |
| Tennessee | $111.23 | 9 |
| Oklahoma | $111.23 | 9 |
10 States Where $100 Is Worth the Least
| State | Relative Value of $100 | Rank |
| Washington | $95.42 | 41 |
| New Hampshire | $95.24 | 42 |
| Alaska | $94.70 | 43 |
| Massachusetts | $93.55 | 44 |
| Connecticut | $92.00 | 45 |
| Maryland | $91.24 | 46 |
| New Jersey | $88.18 | 47 |
| California | $88.18 | 47 |
| New York | $86.73 | 49 |
| District of Columbia | $85.47 | 50 |
| Hawaii | $84.18 | 51 |
Source: Tax Foundation/U.S. Bureau of Economic Analysis
