Finding the right place to live where your dollar goes the most can be the difference between scratching it or being able to enjoy the fruits of your labor.
The length of a trip, the cost of fuel and the price of groceries are just a few of the ways to judge how far that dollar will go. And the cost of buying or renting a house is paramount. Job opportunities are also important: many of the most economical places to live are those that have been successful in attracting and nurturing young startups and dynamic tech companies.
The COVID-19 pandemic has changed almost every aspect of our life, including where we choose to live. The remote working option has broadened professional horizons, involving many places that were once totally out of the question. Some cities like Tulsa, Oklahoma even offer lucrative financial incentives to attract remote workers.
To find the cities where your dollar goes the furthest, Assemble analyzed the 2019 Regional Price Parity Index (RPP) from the Bureau of Economic Analysis, released in December 2020. The Regional Price Parity Index measures differences in price levels between metropolitan areas for a given year. , expressed as a percentage of the overall national price level. For this ranking, Assemble classified metropolitan areas according to the “All Items RPP”, which covers all consumer goods and services, including housing rents.
Income data was also found via another 2019 data set from the Bureau of Economic Analysis. The adjusted RPP per capita income is calculated by finding the per capita income if the prices of the metropolitan area were at the level of national prices. RPA ties were severed by the metropolitan area with the highest RPA adjusted per capita income. Metropolitan areas with less than 500,000 inhabitants were excluded from this analysis.