Value of dollar in Iowa amounts to $1.12 based on regional price parity

(The Center Square) – The purchasing power of a dollar in Iowa is $1.12 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.

Iowa has a personal income per capita of $50,243. That figure was compared to the state’s dollar value and price parity number to ascertain the effective personal income of residents on average – $52,288.

The median home value in the state, $152,000, reflects the 2018 U.S. Census Bureau’s American Consumer Survey.

The Dollar’s Purchasing Power, State by State

StateValue of DollarPersonal Income Per CapitaIncome Adjusted by Cost of LivingMedian Home ValueAlabama$1.16$42,240$45,397$147,900Alaska$0.95$59,605$52,816$276,100Arizona$1.04$44,414$42,742$241,100Arkansas$1.17$43,292$47,158$133,100California$0.87$63,711$51,274$546,800Colorado$0.98$58,500$53,315$373,300Connecticut$0.94$76,481$66,978$277,400Delaware$1.01$52,599$49,436$255,300Florida$0.99$50,199$46,346$230,600Georgia$1.08$46,519$46,471$189,900Hawaii$0.85$55,414$43,595$631,700Idaho$1.08$43,994$44,193$233,100Illinois$1.02$56,919$53,893$203,400Indiana$1.12$47,124$48,997$147,300Iowa$1.12$50,243$52,288$152,000Kansas$1.11$51,474$53,125$159,400Kentucky$1.14$42,527$44,959$148,100Louisiana$1.12$46,245$48,178$167,300Maine$1.00$48,881$45,381$197,500Maryland$0.92$63,426$54,360$324,800Massachusetts$0.91$71,886$60,866$400,700Michigan$1.08$48,480$48,742$162,500Minnesota$1.03$57,566$54,857$235,400Mississippi$1.16$37,904$40,927$123,300Missouri$1.13$47,784$49,979$162,600Montana$1.07$47,611$47,407$249,200Nebraska$1.12$53,364$55,358$161,800Nevada$1.03$49,290$46,970$292,200New Hampshire$0.94$61,429$53,832$270,000New Jersey$0.87$68,409$55,174$344,000New Mexico$1.10$41,663$42,491$174,700New York$0.86$68,710$54,819$325,500North Carolina$1.09$46,126$46,650$180,600North Dakota$1.10$55,598$57,008$198,700Ohio$1.13$48,793$51,249$151,100Oklahoma$1.13$46,267$48,633$140,000Oregon$0.99$50,951$46,819$341,800Pennsylvania$1.03$56,252$53,566$186,000Rhode Island$1.01$54,800$51,261$273,800South Carolina$1.10$43,702$44,531$170,800South Dakota$1.14$52,426$55,377$171,500Tennessee$1.11$46,889$48,441$177,500Texas$1.03$50,483$48,443$186,000Utah$1.04$46,431$44,618$303,300Vermont$0.97$54,342$49,001$233,100Virginia$0.98$57,910$52,704$281,700Washington$0.93$62,122$53,502$373,100West Virginia$1.14$40,907$43,268$121,300Wisconsin$1.09$51,647$52,182$188,500Wyoming$1.08$60,375$60,458$230,500

Source: 24/7 Wall St.

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