The purchasing power of a dollar in Georgia is $1.08 based on the regional cost of items such as housing, groceries and services in 2018, according to a new analysis from the website 24/7 Wall St.
Goods and services in relatively poorer states tend to be less expensive than in states that are home to large, wealthy metropolitan areas, the study concludes.
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’ 2018 data, the most recent numbers available.
Georgia has a personal income per capita of $46,519. That figure was compared to the state’s dollar value and price parity number to ascertain the effective personal income of residents on average – $46,471.
The median home value in the state, $189,900, reflects the 2018 U.S. Census Bureau’s American Consumer Survey.
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The Dollar’s Purchasing Power, State by State
State Value of Dollar Personal Income Per Capita Income Adjusted by Cost of Living Median Home Value Alabama $1.16 $42,240 $45,397 $147,900 Alaska $0.95 $59,605 $52,816 $276,100 Arizona $1.04 $44,414 $42,742 $241,100 Arkansas $1.17 $43,292 $47,158 $133,100 California $0.87 $63,711 $51,274 $546,800 Colorado $0.98 $58,500 $53,315 $373,300 Connecticut $0.94 $76,481 $66,978 $277,400 Delaware $1.01 $52,599 $49,436 $255,300 Florida $0.99 $50,199 $46,346 $230,600 Georgia $1.08 $46,519 $46,471 $189,900 Hawaii $0.85 $55,414 $43,595 $631,700 Idaho $1.08 $43,994 $44,193 $233,100 Illinois $1.02 $56,919 $53,893 $203,400 Indiana $1.12 $47,124 $48,997 $147,300 Iowa $1.12 $50,243 $52,288 $152,000 Kansas $1.11 $51,474 $53,125 $159,400 Kentucky $1.14 $42,527 $44,959 $148,100 Louisiana $1.12 $46,245 $48,178 $167,300 Maine $1.00 $48,881 $45,381 $197,500 Maryland $0.92 $63,426 $54,360 $324,800 Massachusetts $0.91 $71,886 $60,866 $400,700 Michigan $1.08 $48,480 $48,742 $162,500 Minnesota $1.03 $57,566 $54,857 $235,400 Mississippi $1.16 $37,904 $40,927 $123,300 Missouri $1.13 $47,784 $49,979 $162,600 Montana $1.07 $47,611 $47,407 $249,200 Nebraska $1.12 $53,364 $55,358 $161,800 Nevada $1.03 $49,290 $46,970 $292,200 New Hampshire $0.94 $61,429 $53,832 $270,000 New Jersey $0.87 $68,409 $55,174 $344,000 New Mexico $1.10 $41,663 $42,491 $174,700 New York $0.86 $68,710 $54,819 $325,500 North Carolina $1.09 $46,126 $46,650 $180,600 North Dakota $1.10 $55,598 $57,008 $198,700 Ohio $1.13 $48,793 $51,249 $151,100 Oklahoma $1.13 $46,267 $48,633 $140,000 Oregon $0.99 $50,951 $46,819 $341,800 Pennsylvania $1.03 $56,252 $53,566 $186,000 Rhode Island $1.01 $54,800 $51,261 $273,800 South Carolina $1.10 $43,702 $44,531 $170,800 South Dakota $1.14 $52,426 $55,377 $171,500 Tennessee $1.11 $46,889 $48,441 $177,500 Texas $1.03 $50,483 $48,443 $186,000 Utah $1.04 $46,431 $44,618 $303,300 Vermont $0.97 $54,342 $49,001 $233,100 Virginia $0.98 $57,910 $52,704 $281,700 Washington $0.93 $62,122 $53,502 $373,100 West Virginia $1.14 $40,907 $43,268 $121,300 Wisconsin $1.09 $51,647 $52,182 $188,500 Wyoming $1.08 $60,375 $60,458 $230,500
Source: 24/7 Wall St.
