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Cost of living: The purchasing power of a dollar in every...

To shed light on these differences that reflect the relative purchasing power of Americans in every state, 24/7 Wall St. calculated the value of a dollar in each using data from the Bureau of Economic Analysis. For example, with Hawaii’s relatively high housing prices, a dollar spent on rent there is worth only 61 cents. States with large shares of residents living in expensive housing within urban areas account for the vast majority of the states where a dollar is worth the least. A dollar is generally worth much more in states, particularly in the South, where a smaller share of residents live in cities. North Carolina More:Economic climate: The best (and worst) states for business 34. South Dakota More:Financial security: Best (and worst) states to grow old in 42. For example, with Hawaii’s relatively high housing prices, a dollar spent on rent there is worth only 61 cents. In states where a dollar is worth less (those with the highest cost of living), many residents have higher incomes. While residents of New Jersey state see only $0.88 in value for each dollar they spend, the annual per capita income there is also almost $20,000 higher, more than enough to offset their lower purchasing power. For this reason, in most states with high resident incomes and steep consumer prices, the people living there can generally afford to fork out more for goods and services than can their counterparts in states with cheaper prices and lower salaries.