U.S. dollar’s value in Vermont ranks 12th lowest among states

Wikimedia Commons/Random Retail

HOW FAR DOES IT GO?: The dollar doesn’t go as far in Vermont as it does in many other U.S. states, according to a study by the website 24/7 Wall St.

In a 24/7 Wall St. ranking of relative purchasing power in each state, Vermont finished 38th out of 50 states.

The value of a dollar in Vermont came in at $0.98.

According to the study,  common factors among states where the dollar doesn’t go very far include large metropolitan areas with wealthy residents residing. Conversely, states where the dollar tends to go further generally are rural with less wealthy residents living there.

Some of the key points for Vermont’s ranking include that the state’s personal income per capita is $53,598, and the state’s “Income Adjusted by Cost of Living” is determined to be $47,971. Also, the median home value in Vermont is $226,300.

Alabama, Alaska and Arizona have their dollars go the farthest, according to the study. Wyoming, Wisconsin and West Virginia are the states in which the dollar gets the least for its value.

The study authors explain the formula they used for calculating the dollar value for each state:

We calculated the value of a dollar in each state by dividing 100 (which represents the base value of $1.00) by every state’s relative price parity figure. We also reviewed the BEA’s [Bureau of Economic Analysis] per capita personal income data for all states in 2016. To arrive at the effective personal income value for every state, we divided the 2016 per-capita-personal income figure by the 2016 regional price parity value. Median home values came from the 2016 U.S. Census Bureau’s American Consumer Survey.

Nationally the dollar has lost value over the last century. According to the Virginia Tea Party Patriot Federation, the dollar has lost 98 percent of its value since the inception of the Federal Reserve system in 1913.

States Where a Dollar Goes the Furthest

Rank State Value of Dollar Personal Income Per Capita Income Adjusted by Cost of Living Median Home Value
1 Mississippi $1.16 $37,994 $39,901 $120,200
2 (tie) Alabama $1.15 $42,334 $43,684 $141,300
2 (tie) Arkansas $1.15 $42,566 $44,018 $128,500
3 (tie) Kentucky $1.14 $41,779 $43,273 $141,000
3 (tie) West Virginia $1.14 $40,578 $40,619 $119,800
6 South Dakota $1.13 $50,141 $52,855 $167,600
7 (tie) Missouri $1.12 $46,635 $46,893 $156,700
7 (tie) Ohio $1.12 $48,242 $48,699 $144,200
7 (tie) Oklahoma $1.12 $46,128 $45,548 $137,400
10 (tie) Indiana $1.11 $46,646 $46,444 $141,100
10 (tie) Iowa $1.11 $48,823 $49,485 $149,100
10 (tie) Louisiana $1.11 $45,542 $45,363 $162,500
10 (tie) South Carolina $1.11 $42,736 $42,958 $161,800
10 (tie) Tennessee $1.11 $47,179 $46,885 $167,500
15 (tie) Kansas $1.10 $50,155 $50,504 $150,600
15 (tie) Nebraska $1.10 $52,110 $52,833 $155,800
15 (tie) North Carolina $1.10 $45,834 $45,216 $171,200
18 (tie) Georgia $1.09 $45,745 $44,525 $173,700
18 (tie) North Dakota $1.09 $54,306 $55,364 $194,700
20 (tie) Idaho $1.08 $43,155 $41,912 $207,100
20 (tie) Wisconsin $1.08 $50,756 $49,211 $178,900
22 (tie) Michigan $1.07 $47,582 $46,186 $155,700
22 (tie) New Mexico $1.07 $41,198 $40,049 $171,300
24 Montana $1.06 $47,120 $45,041 $231,300
25 Arizona $1.04 $43,650 $40,814 $223,400
26 (tie) Minnesota $1.03 $56,374 $52,075 $224,000
26 (tie) Nevada $1.03 $48,225 $43,972 $258,200
26 (tie) Texas $1.03 $49,161 $45,823 $172,200
26 (tie) Wyoming $1.03 $60,095 $55,183 $214,300
26 (tie) Utah $1.03 $45,340 $41,706 $275,100
31 (tie) Maine $1.02 $48,241 $43,817 $191,200
31 (tie) Pennsylvania $1.02 $55,349 $50,276 $181,200
33 Illinois $1.01 $56,933 $51,070 $195,300
34 (tie) Delaware $1.00 $51,449 $46,305 $252,800
34 (tie) Florida $1.00 $49,417 $44,541 $214,000
34 (tie) Oregon $1.00 $49,908 $44,778 $319,200
34 (tie) Rhode Island $1.00 $54,523 $49,114 $257,800
38 (tie) Vermont $0.98 $53,598 $47,971 $226,300
38 (tie) Virginia $0.98 $56,952 $50,184 $273,400
40 Colorado $0.97 $56,846 $48,963 $348,900
41 (tie) Alaska $0.95 $59,687 $51,079 $273,100
41 (tie) Washington $0.95 $60,781 $50,640 $339,000
43 New Hampshire $0.94 $61,405 $51,929 $263,600
44 Massachusetts $0.93 $70,073 $58,221 $385,400
45 Connecticut $0.92 $74,561 $61,600 $273,100
46 Maryland $0.91 $62,914 $51,645 $312,500
47 New Jersey $0.88 $67,609 $52,651 $334,900
48 (tie) California $0.87 $62,586 $48,384 $509,400
48 (tie) New York $0.87 $68,667 $50,709 $314,500
50 Hawaii $0.84 $54,565 $41,353 $617,400

Source: 24/7 Wall St.

Michael Bielawski is a reporter for True North Reports. Send him news tips at bielawski82@yahoo.com and follow him on Twitter @TrueNorthMikeB.

Images courtesy of Flickr/401kcalculator.org and Wikimedia Commons/Random Retail

2 thoughts on “U.S. dollar’s value in Vermont ranks 12th lowest among states

  1. I don’t think this analysis included all the little taxes, fees and costs that are imposed by policy in this state that drive up the cost of everything. Other analyses point to a cost of living here that is 9% about the national average. the one shows a minimum difference between Vt and the national average. Its not correct.

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