Analysis: By living in Hawaii, you're burning $15 from every $100 bill

Updated: Aug. 10, 2017 at 4:13 PM HST
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HONOLULU (HawaiiNewsNow) - The buying power of $100 in the islands is just $84.18.

That's the lowest purchasing power of any state, and $1.44 less than it was last year, according to a Tax Foundation analysis.

The organization uses federal data to determine cost of living differences in each state. The result, not surprisingly, was that the prices for the same goods vary widely from state to state.

Your $100 bill goes the farthest in Mississippi, where it commands the purchasing power of $116.01.

Alabama ($115.21) and Arkansas (114.42) rounded out the top three most affordable states, the analysis found.

The foundation's analysis won't be a shock to Hawaii residents, who are used to making it to the top of national cost of living assessments.

Hawaii has some of the highest property prices in the country, and Expatistan says Honolulu also has the world's most expensive toilet paper, and the nation's priciest bread and utilities.

(The website names Honolulu the 16th priciest city in the world, and the fifth priciest in the United States.)

While $100 goes the least far in Hawaii, other states weren't too far behind.

In New York, $100 will buy you $86.73 worth of goods. In California, it's equal to $88.18.

The Tax Foundation noted that many states make up for higher costs of living with higher salaries, but some break the rules.

Nebraska, for example, has both a low cost of living and higher incomes. Hawaii, meanwhile, has typically had lower salaries compared to states with higher costs of living.

Mobile users: Click here to see a slideshow with prices for common purchases in Hawaii.

To check out the full ranking, click here.

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