$100 worth more in the Heartland - KFVS12 News & Weather Cape Girardeau, Carbondale, Poplar Bluff

$100 worth more in the Heartland

Things like home prices, insurance and even groceries are likely to be cheaper in the Heartland. Things like home prices, insurance and even groceries are likely to be cheaper in the Heartland.
Most people in the Heartland can get more bang for their buck. (Source: Tax Foundation) Most people in the Heartland can get more bang for their buck. (Source: Tax Foundation)
CAPE GIRARDEAU, MO (KFVS) -

A new study shows $100 goes much farther in states like Missouri, Kentucky, Tennessee and Arkansas.

The Tax Foundation, a Washington, D.C. based think-tank, released information that shows the value of $100 state-by-state.

According to the study, in Missouri, $100 will get you $113.51 worth of goods.

In fact, there's only two other states where you can stretch your dollar farther than you can in Missouri.

The state ranks behind Mississippi where $100 is worth $115.74 and Arkansas where that same amount of money would by a person $114.16 worth of groceries or gas.

How do Missouri and Arkansas compare to other Heartland states? $100 is worth:

  • $110.25 in Tennessee
  • $112.61 in Kentucky
  • $99.40 in Illinois

According to Derieck Hodges, a financial planner, that means things like gas, insurance, home prices, and even some of those smaller necessities are likely going to be a little cheaper in the most of these states.

"Things like gym memberships, you don't think that's a big deal," Hodges said. "You're talking typically on things like that, utilities, 6,7, 8 percent difference in cost when you talk about the coast compared to the Heartland. And all of those add up because there's a lot of those small items in your budget."

According to the Tax Foundation, this discrepancy does have some implications.

If someone in Missouri wanted to move out to the beach or even Washington, DC, they would need to likely make a lot more money to have an equal standard of living.

Hodges said that's why you have to take into consideration the cost of daily needs before you just up and move. 

"We can't compete with Huntington Beach, California on beach activity, right?" Hodges said. "There's only so many beaches out there. People kind of have to make that decision. If you can make enough financial fuel, I'll call it, financial jet fuel to fund your lifestyle and you can live out there, that's awesome. I think that's great, but there's a real price to that. So you move out east or you move out west, your budget has got to be a lot bigger." 

Click here for a look at the real value of $100 in other states.

Copyright 2014 KFVS. All rights reserved. 

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