New Jersey ranks 47th in the nation in terms of getting the most value for goods in the Tax Foundation’s annual map showing the real value of $100 in every state.
Using data from the Bureau of Economic Analysis, which includes personal incomes and prices for goods in each state, the Garden State’s relative value of $100 is currently $88.57 – just ahead of California ($87.11), New York ($86.36) and Hawaii ($84.39). The District of Columbia’s value for $100 is $85.54.
New Jersey’s $88.57 value is up 23 cents from last year.
By contrast, $100 goes much further in Mississippi ($116.69), Arkansas ($115.61) and Alabama $115.34). In fact, $100 is worth more than the national average in 36 states.
The reason for the disparate regional prices, according to the Tax Foundation’s report, is purchasing power. States with higher nominal incomes also have higher price levels. Additionally, high costs of living result in higher salaries for the same jobs.
To see the full report, click here.