You have $100 in your pocket. So where should you live to get the most value for that money?
Not New Jersey, according to the latest map showing the real value of $100 in every state, released this week by the Tax Foundation. The Garden State ranks 47th in the country in terms of getting the most value for goods.
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 $88.18–just ahead of New York ($86.73), the District of Columbia ($85.47) and Hawaii ($84.18).
Want to get the most bang for your buck? Try living in Mississippi, where the largest relative value for a Ben Franklin bill is $116.01–followed by Alabama ($115.21), Arkansas ($114.42), South Dakota ($113.38) and Kentucky ($112.87).
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.