What is $100 Worth in Illinois Compared to Other States?
You might be thinking to yourself, "Well, a dollar is a dollar wherever you go, right?" That would seem to be the case, but, as a new study by the Tax Foundation found--you'd be wrong.
The Tax Foundation examined some new data on real personal income from the Bureau of Economic Analysis to figure out the value of goods and services that $100 would buy you in each state, then they compared with the national average.
The average Illinoisan is 07.% poorer than their income would suggest. By this measure, Illinois is considered a moderately priced state. As the Tax Foundation notes, big cities typically have higher price levels. And, while the cost of living in the Chicagoland area is much higher than the rest of the state, Illinois fares better than other states with large metropolitan areas. In New York, California, New Jersey, and Washington, DC, the value of $100 declines by as much as $15.
So, how do we compare to our neighboring states?
Now, if only I had that hundred bucks somewhere, I could actually do a real-world experiment.