Value of dollar in Colorado amounts to 98 cents based on regional price parity
The purchasing power of a dollar in Colorado is 98 cents 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.
Colorado has a personal income per capita of $58,500. That figure was compared to the state’s dollar value and price parity number to ascertain the effective personal income of residents on average – $53,315.
The median home value in the state, $373,300, reflects the 2018 U.S. Census Bureau’s American Consumer Survey.
The Dollar’s Purchasing Power, State by State
State | Value of Dollar | Personal Income Per Capita | Income Adjusted by Cost of Living | Median Home Value |
Alabama | $1.16 | $42,240 | $45,397 | $147,900 |
Alaska | $0.95 | $59,605 | $52,816 | $276,100 |
Arizona | $1.04 | $44,414 | $42,742 | $241,100 |
Arkansas | $1.17 | $43,292 | $47,158 | $133,100 |
California | $0.87 | $63,711 | $51,274 | $546,800 |
Colorado | $0.98 | $58,500 | $53,315 | $373,300 |
Connecticut | $0.94 | $76,481 | $66,978 | $277,400 |
Delaware | $1.01 | $52,599 | $49,436 | $255,300 |
Florida | $0.99 | $50,199 | $46,346 | $230,600 |
Georgia | $1.08 | $46,519 | $46,471 | $189,900 |
Hawaii | $0.85 | $55,414 | $43,595 | $631,700 |
Idaho | $1.08 | $43,994 | $44,193 | $233,100 |
Illinois | $1.02 | $56,919 | $53,893 | $203,400 |
Indiana | $1.12 | $47,124 | $48,997 | $147,300 |
Iowa | $1.12 | $50,243 | $52,288 | $152,000 |
Kansas | $1.11 | $51,474 | $53,125 | $159,400 |
Kentucky | $1.14 | $42,527 | $44,959 | $148,100 |
Louisiana | $1.12 | $46,245 | $48,178 | $167,300 |
Maine | $1.00 | $48,881 | $45,381 | $197,500 |
Maryland | $0.92 | $63,426 | $54,360 | $324,800 |
Massachusetts | $0.91 | $71,886 | $60,866 | $400,700 |
Michigan | $1.08 | $48,480 | $48,742 | $162,500 |
Minnesota | $1.03 | $57,566 | $54,857 | $235,400 |
Mississippi | $1.16 | $37,904 | $40,927 | $123,300 |
Missouri | $1.13 | $47,784 | $49,979 | $162,600 |
Montana | $1.07 | $47,611 | $47,407 | $249,200 |
Nebraska | $1.12 | $53,364 | $55,358 | $161,800 |
Nevada | $1.03 | $49,290 | $46,970 | $292,200 |
New Hampshire | $0.94 | $61,429 | $53,832 | $270,000 |
New Jersey | $0.87 | $68,409 | $55,174 | $344,000 |
New Mexico | $1.10 | $41,663 | $42,491 | $174,700 |
New York | $0.86 | $68,710 | $54,819 | $325,500 |
North Carolina | $1.09 | $46,126 | $46,650 | $180,600 |
North Dakota | $1.10 | $55,598 | $57,008 | $198,700 |
Ohio | $1.13 | $48,793 | $51,249 | $151,100 |
Oklahoma | $1.13 | $46,267 | $48,633 | $140,000 |
Oregon | $0.99 | $50,951 | $46,819 | $341,800 |
Pennsylvania | $1.03 | $56,252 | $53,566 | $186,000 |
Rhode Island | $1.01 | $54,800 | $51,261 | $273,800 |
South Carolina | $1.10 | $43,702 | $44,531 | $170,800 |
South Dakota | $1.14 | $52,426 | $55,377 | $171,500 |
Tennessee | $1.11 | $46,889 | $48,441 | $177,500 |
Texas | $1.03 | $50,483 | $48,443 | $186,000 |
Utah | $1.04 | $46,431 | $44,618 | $303,300 |
Vermont | $0.97 | $54,342 | $49,001 | $233,100 |
Virginia | $0.98 | $57,910 | $52,704 | $281,700 |
Washington | $0.93 | $62,122 | $53,502 | $373,100 |
West Virginia | $1.14 | $40,907 | $43,268 | $121,300 |
Wisconsin | $1.09 | $51,647 | $52,182 | $188,500 |
Wyoming | $1.08 | $60,375 | $60,458 | $230,500 |
Source: 24/7 Wall St.
