How Far A Wyoming Income Really Goes
A formula from MONEY might be a bit more complicated than just what BusinessInsider explains, “The average income data, with cost of living,” equals, “The average income in every state - and what it's really worth.” A cute statement was added, “On some level, everyone understands that.” They don’t give state's rankings, but alphabetically, we can scroll to the bottom for Wyoming’s “Real Income,” which is based on something called, “Price Parity.” Scrolling back to the top, you can count only about a dozen states with more real income than us.
Actually I gave a more short and simple version, without mentioning Consumer Price Index, rent, etc… Okay, "On some level," everyone understands.
Wyoming’s median household income is $60,214. With our “price parity” at 96.2 (under 100 being good), this equals a "real income" of $62,593.
For a comparison, Colorado’s median income is $63,909. With their price parity, however, at 103.2, their real income is just $61,927.
According to Money, “There are considerable differences, even among states that are neighbors.” Got that right.
Here are the break downs for each U.S. state. They may include a few surprises.