Mapped: How far $100 goes in each US state

While it may seem like a $100 bill has the same value across the US, a fascinating new report shows that’s far from the case.

The vast differences in the cost of living — from groceries to housing to gasoline — across the country means that a so-called “Benjamin” will buy much less in some areas than in others.

In fact, andThe purchasing power of $100 can vary by as much as 26 percent by state, the study found, with it going furthest in Arkansas and buying the least in California.

The report of GOBanking Rates used a government index that compares the costs of goods and services between each of the 50 states.

The study found that the range of prices means that Americans in one state can live comfortably on a given salary, but struggle to make ends meet on the same salary in another state.

For example, the median household incomes in Michigan, Florida, Kansas and South Dakota are relatively similar: about $68,000.

However, your dollar can buy much more in Michigan than in a more expensive state like Florida, where housing is almost twice as expensive and the cost of living is much higher.

The real value of $100 is $106.60 in Michigan, but significantly lower, at $97.90, in Florida.

The study also analyzed data from the U.S. Bureau of Economic Affairs, the Bureau of Labor Statistics and housing marketplace Zillow to determine how far $100 can go in different states.

California has the lowest purchasing power of all states, with the real value of $100 there being $87.50.

The average home value in the Golden State is much higher than the national average at $769,579. The average annual cost of living is $57,195.

Other states where money has the least purchasing power are Hawaii, Washington and Massachusetts, where the cost of living is high and housing is expensive.

Arkansas has the highest purchasing power. According to GOBankingRates, the real value of a $100 bill there is $113.40.

Iowa, North Dakota and Oklahoma are also among the states where you can spend more money.

The study, which used data from February 2024, found that the purchasing power of a $100 bill nationwide is $103.

The cost of many basic commodities has risen in recent years, putting pressure on US households.

While inflation in June 2022 is well below its 40-year high of 9.1 percent, it is still above the Federal Reserve’s 2 percent target.

The cost of many basic necessities has risen in recent years, putting pressure on U.S. households

Decades of high mortgage rates and record home prices mean the average mortgage payment this year is double what it was in 2000

According to the latest data for July, annual inflation was 2.9 percent, down from 3 percent in June.

According to data from the Ministry of Labor, food prices have risen by 20 percent over the past five years.

Due to decades of high mortgage rates and record home prices, the average mortgage amount this year is also twice as high as it was in 2000.

But mortgage rates have fallen in recent weeks, which may provide some relief for potential home buyers.

According to the most recent data from September 5, the average 30-year fixed-rate mortgage rate has fallen to 6.35 percent.