‘Study: Nebraska Ranked 11th Best For Purchasing Power’
The value of $1 depends on where that dollar is used. That’s because the prices of housing, food, energy and services vary considerably across the country. A recent study by financial website 24/7 Wall St. calculated the value of a dollar in each state based on data from the Bureau of Economic Analysis. Compared to the national average cost of goods and services, a single dollar goes the furthest in Mississippi, where the cost of living is the lowest of any state. A dollar in Mississippi is effectively worth $1.15. By contrast, in Hawaii, the most expensive state, a dollar is worth the least at only $0.86. Nebraska was ranked 11th best in the study as the value of a dollar in the Cornhusker State is effectively worth $1.11, according to the comparison. Nebraska’s median household income is $52,686 — 24th highest — while its poverty rate is 12.4% — 16th lowest.
Article as published in the Nebraska Chamber and Industry’s News Update 5/17/16