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Friday, April 3, 2020

Purchasing power of a dollar in Montana equals $1.06, study finds


By Michael Carroll | Jan 10, 2020


The purchasing power of a dollar in Montana, based on the cost of living and other factors in the state, is $1.06, 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 Montana is the 24th 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.

Montana has a personal income per capita of $47,120. That figure was divided by the state’s price parity number to ascertain the effective personal income of residents on average – $45,041.

The median home value in the state, $231,300, reflects the 2016 U.S. Census Bureau’s American Consumer Survey.


States Where a Dollar Goes the Furthest

RankStateValue of DollarPersonal Income Per CapitaIncome Adjusted by Cost of LivingMedian Home Value
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
6South 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
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
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
41 (tie)Alaska$0.95$59,687$51,079$273,100
41 (tie)Washington$0.95$60,781$50,640$339,000
43New Hampshire$0.94$61,405$51,929$263,600
47New 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
Source: 24/7 Wall St.

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