Here’s how much $100 is worth in Nevada — MAP
There are more advantages to living in Las Vegas than just near-endless entertainment options, 24/7 services and relatively nice weather — as Payscale reported, the cost of living in Las Vegas is quite reasonable compared to other major metropolitan areas.
But in Las Vegas, where Forbes lists the average household income as $52,735, compared to the country's average, $53,657, how far does your dollar really stretch? The Bureau of Economic Analysis created a map outlining what $100 is worth across the United States.
In states with low costs of living, the purchasing power of $100 stretched a lot further than in an "expensive" state, such as New York, where Manhattan's cost of living greatly impacts the stae's overall purchasing power, according to the BEA. In New York, $100 could only buy $86.73 worth of items.
In Nevada, $100 can buy you roughly $101.83 worth of items.
What does that mean, exactly? The cost of living in Las Vegas, where the core of Nevada's population is centered, is lower than that in many major metropolitan areas. Goods in Las Vegas tend to be slightly less expensive here than in the average city.
For example, according to Tax NY, the average cost of a pack of cigarettes in New York City is around $12, versus $6.50 for a pack of cigarettes in Las Vegas. Because the cost of housing or renting business space in New Your City is high, prices rise in other areas, too.
Here are the five states where the purchasing power of your $100 bill is the strongest:
- Mississippi: $115.21
- Arkansas: $114.29
- South Dakota: $114.16
- Alabama: $114.03
- West Virginia: $113.12
Here are the five states where $100 is worth the least:
- Washington D.C.: $84.96
- Hawaii: $86.06
- New York: $86.73
- New Jersey: $87.34
- California: $89.05
When you break it down by city, in the Las Vegas metropolitan area, $100 is worth $100.81. In Reno, it drops to $100.61.
Next time you're planning a family vacation, besides budgeting for hotel and airfare costs, you should consider how much more expensive goods and services can be outside of Nevada as well.
With the millions of tourists who flock to Las Vegas each year, this may explain why so many people consider Vegas to be a "cheap" travel destination.
Contact Caitlin Lilly at clilly@reviewjournal.com. Find her on Twitter: @caitiesmith
