The Value of $100 in New Jersey

There was a time when $100 could buy someone pretty much anything they wanted. Okay, maybe that is a stretch, but it's a given that $100 just doesn't have the purchasing power that it did in the past. But, hardly anyone would turn down an extra $100, because it's still a nice chunk of change. If you've ever wondered how far $100 will get you, it actually varies per state, since each state in the U.S. has a different cost of living. It's fascinating to see where New Jersey lands.

The experts at GoBankingRates have put together a feature about how far $100 gets you in every state. As for methodology, GoBankingRates used data from the U.S. Bureau of Economic Affairs, the Bureau of Labor Statistics and Zillow. "This data can greatly impact your quality of life and help you consider where you might like to settle," GoBankingRates states in the feature. "You might be able to live comfortably in one state on a certain salary, but struggle to make ends meet with the same paycheck in another."

Let's get to New Jersey. According to the numbers, in New Jersey, the real value of $100 is currently $91.12. So, we're an expensive state in which to live, which is no surprise to anyone. Also, the study notes that the median household income in the state is currently $101,050.

So, how does $100 compare to what it was worth in 1950? These numbers are crazy. According to the CPI Inflation Calculator, "$100 in 1950 is equivalent in purchasing power to about $1,326.97 today, an increase of $1,226.97 over 75 years" and "the dollar had an average inflation rate of 3.51% per year between 1950 and today, producing a cumulative price increase of 1,226.97%." They add that "today's prices are 13.27 times as high as average prices since 1950, according to the Bureau of Labor Statistics consumer price index" and that "a dollar today only buys 7.536% of what it could buy back then."