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.
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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.
