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Value of dollar in Colorado amounts to 98 cents based on regional price parity

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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.