Nevada finished in a tie for 26th in a ranking by the website 24/7 Wall St. of relative purchasing power within each state.
The value of a dollar in Nevada came in at $1.03. Goods and services in relatively poorer states tend to be less expensive than in states that are home to large, wealthy metropolitan areas, according to the analysis.
Each state’s dollar value was estimated by dividing 100 (the dollar’s base value) by estimates for regional price parity, based on the Bureau of Economic Analysis’ 2016 data, the most recent numbers available.
Nevada has a personal income per capita of $48,225. That figure was divided by the state’s price parity number to ascertain the effective personal income of residents on average – $43,972.
The median home value in the state, $258,200, reflects the 2016 U.S. Census Bureau’s American Consumer Survey.