If you live in Georgia, your money stretches further than you might think.
A study from the Tax Foundation revealed that Georgians can
enjoy a little more with their money compared with the rest of the nation. In
Georgia, the value of $100 is actually $108.81 because those in the Peach State
pay lower prices for consumer goods, the study found.
While this is good news for Georgians, many surrounding states,
like Alabama, Tennessee and South Carolina, have even cheaper prices.
The study also found that there is a relationship between
higher consumer prices and higher incomes.
“It’s generally the case that states with higher nominal
incomes also have higher price levels,” the Tax Foundation reported.
This means that those living in high-price states would have to
make more than those in Georgia to afford the same standard of living.
The Tax Foundation used information from the Bureau of Economic Analysis to determine the
value of goods that $100 can buy in each state. Money goes the furthest in Mississippi,
where consumers can get $115.21 worth of goods with $100. Conversely, the most
expensive place measured was the District of Columbia, where residents get just
$84.96 out of $100. The gap between these two states is surprisingly large at
36 percent, the Tax Foundation said.
Georgia has been consistently ranked as one of the best states
in the country to do business over the last few years. Though its gross
domestic product was slightly below the national rate in 2013 at just 1.8
percent growth, several policies make Georgia a strong place for purchasing
power and business.
With low taxes, a balanced budget and the ability to make money
even more valuable, Georgians enjoy a positive consumer and business climate.
