Recent data posted by the Federal Reserve Bank of St. Louis’ FRED site show regional price parities by state and metro area for 2024 (most recent data). FRED says that while these data can be incredibly useful for understanding cost differences around the nation, they may not match an individual’s personal experience when moving from one location to another. In addition, they also say the cost of housing varies significantly across the nation. IE; In places where housing is more expensive, people will choose smaller lots and homes so they can afford other goods and services. Indeed…
FRED compares the relative cost of living across different regions in the U.S. with data known as regional price parities (RPPs). The interactive chart below illustrates this data.
Some key highlights:
- The highest value is 110.7 (California) and the lowest is 86.9 (Arkansas).
- Two states, Illinois and Arizona, have RPPs of 100, exactly equal to the national average.
Note that the data are reported as an index: A value of 100 equals the national average, and a value of 110, for example, indicates a cost of living 10% above the national average.
Click here to read more at the FRED Blog.
