Study ranks states on how much $100 will buy
How Far Does a Dollar Go in Michigan in 2016?
Small business owners who feel their dollar doesn’t go as far
in Michigan as it does in neighboring states now have confirmation of that.
An analysis from The Tax Foundation, based on statistics from
the Bureau of Economic Analysis, says $100 in Michigan actually buys nearly
$106.27 worth of goods, because prices for goods are cheaper here than in
places like New York and California.
Among neighboring states, Michigan trailed Indiana ($109.41)
and Ohio ($111.98).
Leading the country was Mississippi, where $100 would buy about
$115.34 worth of goods, while the District of Columbia came in last, at $84.67.
The study points out that, in general, high incomes and high
prices for goods go together, but states like Nebraska manage to have high
incomes without high prices.
For more, read the BEA’s full news release.
Read the Tax Foundation’s nationwide map and overall analysis here.
