3 States Where $1,000 Dollars Is Worth at Least $100 Less in Purchasing Power
Written by
T. Woods
Edited by
Zuri Anderson
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After the presidential election and President-elect Donald Trump’s eventual return to the White House in January, the economy — specifically, the cost of living and cost of goods — is top of mind for many voters and shoppers.
Speaking of cost of living, that is something that’s variable across the United States. For instance, $1,000 can get you quite far in a state with low cost of living and goods; conversely, $1,000 in a far more expensive state just doesn’t go as far.
In fact, CNBC recently reported that in three states, $1,000 is actually worth more than $100 less based on a new study by the U.S. Bureau of Economic Analysis.
You can also find out the cost of living in America’s least populated states.
Which States Have Lower Purchasing Power?
If you find yourself in Hawaii, say, with $1,000 burning a hole in your pocket, don’t expect to buy $1,000 worth of, well, anything.
Per the U.S. Bureau of Economic Analysis, the actual worth of $1,000 in Hawaii is approximately $892. Why? Because the Aloha State is a small island (meaning limited housing) that requires most everyday items to be imported from the mainland or foreign countries, “and retailers have limited competition motivating them to lower prices.”
A little to the east of Hawaii, California is a bit worse, with $1,000 only equating to roughly $875. Even further east, $1,000 will only net you $872 worth of goods or services in Washington, D.C.
Both the state of California and the District of Columbia are extraordinarily expensive in terms of rent, as well as extremely pricey groceries.
While not quite $100 less than $1,000, other expensive states in that a grand won’t go as far include New York and New Hampshire (both $924), New Jersey ($912), Massachusetts ($906) and Washington ($902).
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