You can get more bang for your buck in Minnesota compared to the United States average, federal data shows.
In Minnesota, $100 will buy you stuff that would cost $102.46 in a state that's closer to the U.S. average. Most of the Midwest, excluding Illinois, are also "low-priced" states, meaning $100 will get you more than it would in New York or California, the Tax Foundation says.
The value of a crisp Benjamin will get you the most in Mississippi ($115.21), where prices are about 13 percent below the U.S. average, the Washington Post notes. Compare that to Washington, D.C., where goods are far more expensive – the relative value of $100 is $84.96, the lowest in the nation.
But there's more to it than just how much you can get for $100 – adjusting state incomes for taxes and price levels based on Regional Price Parities (RPP) (a measurement of the differences in price of goods and services across all U.S. states) may change the public's perception of which states are poor or rich, the American Enterprise Institute points out.
The Tax Foundation gives the example of North Dakota – a state that has high incomes, but not high prices (the relative value of $100 in the state is $109.41) – noting that adjusting incomes for price level "can substantially change our perceptions of which states are truly poor or rich."