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Dollar value in New Jersey amounts to 84 cents based on cost of living

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Dollar value in New Jersey amounts to 84 cents based on cost of living

May 17, 03:00 PM May 17, 03:00 PM

The dollar’s purchasing power in New Jersey is 84 cents based on the regional cost of items such as housing, groceries and services in 2019, according to a new analysis from the website 24/7 Wall St. New Jersey is tied with California and New York for the worst value in the U.S.

Goods and services in states where household incomes are below the U.S. average tend to be less expensive than in states with household incomes above the national median of $59,729, 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’ 2019 data, the most recent numbers available.

New Jersey has a 2020 personal income per capita of $75,245. That figure was compared to the state’s dollar value and price parity number to calculate the effective personal income of residents on average – $63,206.

The median home value in the state, $348,800, reflects the 2019 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 $1.14 $46,908 $53,569 $154,000 Alaska $0.95 $64,780 $61,476 $281,200 Arizona $1.04 $48,950 $50,761 $255,900 Arkansas $1.15 $47,109 $54,317 $136,200 California $0.84 $71,480 $59,757 $568,500 Colorado $0.98 $58,500 $53,315 $373,300 Connecticut $0.95 $79,771 $75,782 $280,700 Delaware $1.01 $56,768 $57,109 $261,700 Florida $0.99 $55,337 $54,784 $245,100 Georgia $1.07 $51,165 $54,644 $202,500 Hawaii $0.81 $60,729 $49,008 $669,200 Idaho $1.08 $48,616 $52,408 $255,200 Illinois $1.03 $62,977 $64,614 $209,100 Indiana $1.11 $51,340 $57,141 $156,000 Iowa $1.11 $55,218 $61,292 $158,900 Kansas $1.11 $56,073 $62,129 $163,200 Kentucky $1.13 $46,507 $52,367 $151,700 Louisiana $1.12 $50,037 $56,091 $172,100 Maine $1.01 $54,225 $54,605 $200,500 Maryland $0.92 $68,258 $63,002 $332,500 Massachusetts $0.90 $79,721 $71,430 $418,600 Michigan $1.08 $52,987 $57,067 $169,600 Minnesota $1.02 $61,540 $62,771 $246,700 Mississippi $1.16 $41,745 $48,257 $128,200 Missouri $1.11 $51,177 $56,960 $168,000 Montana $1.07 $53,329 $56,795 $253,600 Nebraska $1.11 $57,942 $64,026 $172,700 Nevada $1.03 $53,635 $55,030 $317,800 New Hampshire $0.94 $66,418 $62,101 $281,400 New Jersey $0.84 $75,245 $63,206 $348,800 New Mexico $1.09 $45,803 $49,879 $180,900 New York $0.84 $75,548 $63,234 $338,700 North Carolina $1.08 $50,086 $54,243 $193,200 North Dakota $1.11 $59,388 $65,743 $205,400 Ohio $1.12 $53,296 $59,478 $157,200 Oklahoma $1.13 $49,249 $55,553 $147,000 Oregon $0.98 $56,765 $55,516 $354,600 Pennsylvania $1.03 $62,198 $64,064 $192,600 Rhode Island $0.99 $60,837 $60,046 $283,000 South Carolina $1.09 $47,502 $51,540 $179,800 South Dakota $1.12 $57,273 $64,260 $185,000 Tennessee $1.10 $50,547 $55,753 $191,900 Texas $1.04 $54,841 $56,760 $200,400 Utah $1.04 $52,251 $54,080 $330,300 Vermont $0.97 $58,650 $56,832 $233,200 Virginia $0.99 $62,362 $61,551 $288,800 Washington $0.92 $68,322 $62,583 $387,600 West Virginia $1.13 $45,109 $50,928 $124,600 Wisconsin $1.08 $55,487 $59,981 $197,200 Wyoming $1.07 $63,263 $67,818 $235,200

Source: 24/7 Wall St.

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