How much is $100 worth in the Tri-States?
Tue, 19 Aug 2014 23:56:26 GMT —
Hannibal's Main Street attracts thousands of visitors every year.
It could be that a dollar goes a little further in the Show-Me State.
"In Missouri you get a lot more value for your dollar because the cost of living is low compared to other states," Hannibal Chamber of Commerce Executive Director McKenzie Disselhorst said. "The cost of housing and groceries, healthcare, transportation, all those major things that you need is lower in Missouri than it is so it make your dollar go further."
Disselhorst also said itâ??s because of the money that goes to the state.
"The difference in Missouri and Illinois is primarily based on the taxes, I think their gas tax, their property tax all are a little bit higher than Missouri," Disselhorst said.
At the Quincy Chamber of Commerce, they explain it like this.
"I think that is a reflection of two things, first of all, wages are higher in the state of Illinois than they are in counterparts, higher minimum wage, and Chicago salaries would be higher than normal," Quincy Chamber of Commerce Executive Director Amy Looten said.
Chicago is somewhat to blame for bringing down the state's dollar value. But in Quincy, the city thrives.
That's because it's the biggest city in three states and Quincy has the attractions of a bigger city.
To view the rankings of all the states according to Tax Foundation, click here.
According to their report using data from the Bureau of Economic Analysis, $100 in Missouri is valued at $113.51, in Iowa it is valued at $111.73 and in Illinois it is valued at $99.40.
Across the country in our nation's capital, Washington D.C. comes in with the lowest value of $84.60.
Down south in Mississippi, it comes in at a value of $115.74.