By the Numbers: The Minnesota Dollar Ranks 26th Among 50 States | Minnesota

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Minnesota finished tied for 26th a ranking by the 24/7 Wall St. site of the relative purchasing power within each state.

The value of a dollar in Minnesota was $ 1.03. Goods and services in relatively poorer states tend to be cheaper than in states that are home to large, wealthy metropolitan areas, according to the analysis.

Each state’s dollar value was estimated by dividing 100 (the base dollar value) by regional price parity estimates, based on 2016 data from the Bureau of Economic Analysis, the most recent figures available.

Minnesota has a per capita personal income of $ 56,374. This figure was divided by the state’s price parity number to determine the effective personal income of residents on average – $ 52,075.

The median home value in the state, $ 224,000, reflects the 2016 U.S. Census Bureau survey of American consumers.

States where one dollar goes furthest

Rank State Dollar value Personal income per capita Income adjusted for cost of living Median house 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) Caroline from the south $ 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 Street.


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