In today’s cost of living news: the value of a dollar. What is it really worth where you live?
A dollar is worth 100 pennies. However, what does that really mean in terms of purchasing power? Cost of living varies widely from state to state and city to city. What you’ll pay for a one bedroom apartment in Los Angeles is not the same as what you’ll pay in Tennessee.
Why? Because cost of living varies. This is key focus of City vs City and one of the reasons we developed the app in the first place. If you’re considering moving to a different city, you want to know how your cost of living will change.
What’s more, if you’re looking to maintain your standard of living, how will that be impacted by your move? City vs City was created to answer this question. What do you need to earn in a different city to maintain your current standard of living?
A recent article by USA Today set out to look at this particular cost of living news in depth. More specifically, how much is a dollar worth, based on your location?
Not surprisingly, the results skewed in favor of southern and mid-western states. Large, coastal states with major urban centers generally saw lower values. Below is a sample of the best and worst states along with how much a dollar is “worth” in those states.
Among the Best
- Mississippi: $1.16
- Missouri: $1.12
- Arkansas: $1.14
- Alabama: $1.15
- South Dakota: $1.13
Among The Worst
- New Jersey: $0.88
- California: $0.88
- New York: $0.87
- Connecticut: $0.92
- Hawaii: $0.84
The results were compiled by examining median housings costs as well as average per capita income in the above states. For the most part, the results are unsurprising. For example, we expect a lower cost of living in South Dakota compared to New York.
It’s no secret that states with large cities tend to have a higher cost of living, including taxes and housing costs. This is why there has been a trend in recent years of people leaving high tax states in search of greener pastures.
The above results are based on median costs so your mileage may vary based on which city you live in as well as your relative income and housing expenses.
For a more detailed and personal account: download City vs City. With City vs City, we examine costs at the zip code level to determine an accurate account of your expenses. Input your data and select your cities. The app will do the rest.
If you’re thinking of moving, don’t make a move until you download City vs City and start comparing.