A study from the Tax Foundation reveals that not all states are equal when it comes to much money can buy.
If you live in North Carolina, your money can buy a little more
than the rest of the country.
A study from The Tax Foundation revealed that the value of $100
varies widely throughout the U.S. The relative value of $100 in North Carolina
was found to be $109.05.
Residents of the Tar Heel State can expect to get a little more
bang for their buck, the study found. Prices for consumer goods in the state
are cheaper relative to many other states, which means the purchasing power of
an individual in North Carolina is higher.
“As a result, the same amount of cash can buy you comparatively
more in a low-price state than in a high-price state,” the study said.
North Carolina’s economy has been growing at a steady pace over
the last few years, even exceeding the pace of growth of the national rate. In
2013, North Carolina’s gross domestic product grew 2.3 percent, compared with 2.2 percent
for the entire U.S., according to the Small Business Administration.
The Tax Foundation found that $100 was the most valuable in
Mississippi, where the value is $115.21. Comparatively, District of Columbia
residents have to pay more for their goods with a value of only $84.96 for $100.
The report relied on information from the Bureau of Economic Analysis to come up with
their figures, weighing the price of goods, personal income and other costs of
living. The report found that price disparities across the country varied
greatly.
