How Far Does Your Money Go In Connecticut Compared With Other States?
A group called "The Tax Foundation," the leading independent tax research outfit in the U.S., set out to find which state offers the best value for your dollar. As you might expect, our expensive state of Connecticut did not do very well.
How much "stuff" can you buy in Connecticut compared to other states? The biggest value from your dollar is in Mississippi at $115.21, but do you really want to live in Mississippi? Arkansas came in second at $114.29, with South Dakota, Alabama, and West Virginia close behind. On the other end of the dollar spectrum, you don't get a big bang for your buck in the District of Columbia where $100, compared to the rest of the country, weighs in at $84.96 and Hawaii is not much better at $86.06.
Having $100 in Connecticut will only buy you $92.17 worth of merchandise compared with the rest of U.S. Check out this stat, if you have $50,000 in after tax income in Mississippi, you have to have $68,000 in the District of Columbia to maintain the same standard of living. Let me illustrate, I could buy a sweet 3 bedroom home in Winston Salem, N.C with 1,944 square feet, that was built in 1997 for $144,900 compared to a 3 bedroom home in New Fairfield, with 1,706 square feet built in 1965 for $382,000. Maybe it's time.