$100 State by State

What’s $100 Worth in New York vs Mississippi?

It’s Thursday. You deserve a fun graphic. The people over at TaxFoundation.org helped me out by creating this map showing the purchasing power of $100 is state by state.

$100 State by State
Woo! New York isn’t looking too pretty on this map!

Basically, take $100 to Mississippi, and it can buy you $115.74 worth of stuff. Take that same money to New York (and this is the whole state, not just the city) and it will only buy you $86.66 (not as bad as Hawaii though, where I used to live!)

So, being frugally minded, I should move right? I mean, I am losing TONS of money by living in NYC! Well, I am losing less than you think. Sure, I spend more on rent than your average U.S. Citizen. Rent in NYC is crazy, no doubt about it. Other than that, I buy groceries at Trader Joe’s, I purchase most everything else online, where everyone is paying the same price. I don’t go out to eat as much as most people who live in NYC and when I do, I often explore the interesting and delicious cheap eats of the city (the fact that NYC has so many options actually helps with choices for CRAZY inexpensive meals). At the end of the day, I am absolutely paying more than if I lived in another city. But I am making a choice to pay more based on my priorities and I am minimizing the “value of $100” effect. I actually spend less money than many people do who live in less expensive areas!

If you still want to challenge me on living in NYC, that’s fine. However, you could probably move to a less expensive area as well. Check out Thailand where the cost of living is MUCH less than the US? Chiang Mai even has a thriving expat community (I’ve actually looked into this)! At the end of the day, I am achieving my goals and living in a city that makes me happy! How can that be wrong?

Either way, though, this map is a lot of fun. Enjoy!

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8 thoughts on “What’s $100 Worth in New York vs Mississippi?

  1. Louise @ Good Financial Choices August 21, 2014 at 7:37 am

    As someone who lives in an equally expensive city – London – this resonates with me.

    I reconcile this as I can make much more working in London than outside, and the cultural capital I can access is far superior – and that is such a big part of my life at the moment and aligns with my life priorities.
    Louise @ Good Financial Choices recently posted: Net Worth 0 – August 2014My Profile

    • Mr NYBudget August 21, 2014 at 10:26 am

      Absolutely – you can spend money any way you want, as long as you know exactly HOW you want to spend your money.

  2. Even Steven August 21, 2014 at 11:28 am

    I live in Chicago and I took a look at this, my immediate thought was why wouldn’t people buy most items across the border in Wisconsin when buying large items and large quantities. If you are saving $8 for every $100, you are automatically getting an 8% discount. Interesting to think about.
    Even Steven recently posted: Starting an Ebay Business on a Credit CardMy Profile

    • Mr NYBudget August 21, 2014 at 12:49 pm

      State arbitrage! Interesting concept. You’d have to look up how far you can stretch your dollar town-by-town though, since this is a statewide average, but could be interesting.

  3. Ryan @ Impersonal Finance August 21, 2014 at 2:36 pm

    One of my favorite things about living in Tennessee is the ridiculously low cost of living. But, they do have a pretty high sales tax rate, so that eats into it some, but still, the low COL has allowed us to get out of debt and grow our wealth, something I don’t think we would have been able to do as easily if we still lived in Chicago.
    Ryan @ Impersonal Finance recently posted: do the math: energy vampiresMy Profile

    • Mr NYBudget August 21, 2014 at 3:32 pm

      It’s funny, I hear about rents in Chicago from friends of mine and I think people have it SO cheap out there. But, definitely – Tennessee works for you, so that’s awesome that it is part of your money saving plan.

  4. Mel @ brokeGIRLrich August 27, 2014 at 2:37 pm

    On average though, most jobs make more in those higher cost cities for doing the same amount/type of work… so that lessens the sting. A little.

    And I agree with the variety of options making it easier sometimes too. My favorite meal costs $2.75. I think it’d be pretty hard to beat that in most places.
    Mel @ brokeGIRLrich recently posted: #NYCWin: Free OperaMy Profile

    • Mr NYBudget August 27, 2014 at 3:50 pm

      Definitely – I get my haircut for $6 because New York has haircutting schools (who knows if I’d live near one of those in the suburbs)!

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